On January 17th, 2023, the Superintendence of Companies, Securities, and Insurance issued a release on the presentation of the financial statements, the most relevant content of which is detailed below:
a) As of January 20th, 2023, the institutional website will be available to report the financial statements and upload the corporate documents of the 2022 fiscal year.
b) The due date for the submission of the information is April 30th, 2023.
c) No extensions will be granted for the submission of financial and corporate information.
d) Deadlines breaches may be sanctioned with fines of 1 up to 12 statutory minimum wage (currently, from US$450 to US$5.450).
For more information do not hesitate to contact our Corporative Practice Partner, Álvaro Sevilla (firstname.lastname@example.org).
This publication contains information of general interest and may not constitute a legal opinion on specific matters. Any particular analysis, shall require legal advice from the Firm.
By ZVS Tobar in CORPORATE, M&A , Featured
The purpose of this article is to make a general review of the regulations of the Companies Law (CL) on the cases in which the legal representative (LR) of a limited, stock or simplified stock company has joint and several liability in corporate matters. This analysis does not include the joint and several liability of the LR in labor, social security or tax matters.
If the liquidators and the LR in charge of the liquidation have not applied the order of priority of credits provided in the Civil Code, or if fraud, negligence or misuse of the assets or property of the company in liquidation is proven in court, they will be liable for the damages caused.
The liquidator appointed by the Superintendency of Companies, Securities and Insurance (SCVS) shall not be liable for the obligations of the company with the Ecuadorian Social Security Institute that arose prior to his/her appointment or that arise as a result of the liquidation of the company, unless the order of priority provided in the Civil Code for the payment of claims is not applied, or, if the company has resources, the company fails to pay the obligations.
 “Art. 29.- Serious fault, serious negligence, or gross negligence, consists in not handling the business of others with the same care that even negligent and not very prudent persons usually use in their own business. This fault, in civil matters, is equivalent to willful misconduct.
Slight fault, slight carelessness, light carelessness, is the lack of that diligence and care that people usually employ in their own business. Fault or carelessness, without any other qualification, means slight fault or carelessness. This kind of fault is in opposition to ordinary or medium diligence or care.
The one who must manage a business as a good father is liable for this kind of fault.
Very slight negligence or carelessness is the lack of that careful diligence that a judicious man employs in the administration of his important business. This kind of fault is opposed to extreme diligence or care.
Willful misconduct consists in the positive intention of causing harm to a person or to someone else’s property”.
This article contains information of general interest and does not constitute legal advice about specific matters. Any particular analysis will require the Firm’s legal advice.
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By Sevilla Álvaro in CORPORATE, M&A