The Office of Corporations (Inspección General de Justicia or “IGJ” as per its acronym in Spanish) imposed a fine of ARS 4,000,000 (four million pesos) on a corporation and its president—jointly and severally—for failing to file the financial statements corresponding to the fiscal years ended between 2017 and 2024.

The sanctioned entity appealed the fine imposed by the IGJ based on the following grounds:

• (i) The failure to file the financial statements was due to an “absolute material impossibility,” as the accounting books had been seized by the criminal courts and remained under judicial custody.

• (ii) The company had placed the financial statements, certified by the Professional Council of Economic Sciences, “at the disposal” of the IGJ.

• (iii) The amount of the fine is unreasonable and disproportionate.

The National Court of Appeals in Commercial Matters dismissed the appeal, holding that:

1. After being served with a notice of default (intimación), the sanctioned company failed to make any filing before the IGJ, despite having requested extensions of time.

2. The company failed to provide evidence of having attempted to petition the criminal court for the necessary measures to comply with the IGJ’s requirements.

3. Merely placing certified financial statements “at the disposal” of the authority or physically delivering them to the IGJ does not satisfy the legal filing requirements.

Based on these grounds, the Court dismissed the appeal and upheld the appealed administrative resolution, with costs assessed against the appellant.