Panama's Fourth Circuit Civil Court admits Lisa, S.A.'s summary action and orders Villamorey, S.A. to render a full corporate accounting within one month.

The court verified that Lisa, S.A. had submitted the documentation required to establish the existence and legal representation of the defendant corporation, including a Public Registry certification and an authenticated copy of Public Deed No. 3514 of February 28, 2000, which protocolized Villamorey, S.A.'s certificate of incorporation.

The court found that Lisa, as the owner of 33.33% of Villamorey's share capital, holds the right to demand that the corporation render an accounting of its management in accordance with its own corporate bylaws. The order granted Villamorey one month from notification to present the accounting, and recognized the law firm Grimas & Grimas as counsel for the plaintiff.

Villamorey did not comply within the prescribed period. More than a year later, on April 8, 2022, the same court issued Order 463, declaring Villamorey in contempt and imposing daily fines of $100.00 for its refusal to appear and render accounts.

Ruling

• Admitted the summary accounting action filed by Lisa, S.A. against Villamorey, S.A.
• Granted Villamorey, S.A. a period of one month to render the accounting, counted from notification of the order

Legal Basis

• Articles 1379 and 1380 of the Judicial Code — govern the summary accounting procedure in Panamanian civil jurisdiction

Signatories

• Mgter. Solange Le Ferrec de Booker, Fourth Circuit Civil Judge
• Lcdo. Miguel Angel Quiroz, Judicial Secretary