600 companies are to be dissolved, according to Superintendency

The Superintendency of Companies and Securities (SC for its Spanish acronym) will dissolve in October 600 companies in Ecuador for not filing their balance sheets over the last two years, reported on 4 September the head of the inspection body, Suad Manssur, in an interview with local media.

Manssur indicated that the Law provides that in the event that the reports are not placed for consideration by the SC, this will presume that the company is inactive.

The owners have 30 days to catch up on payments before proceeding to the dissolution. This latter process is done with the Internal Revenue Service (SRI) in order to suspend the National Register of Taxpayers (RUC for its Spanish acronym), seeing what kind of debt they have, their incomes, among others.