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BOE-A-2026-17559 ·11 August 2026 ·Resolution not-relevant
Corporate

Limited Companies: lack of audit report prevents registration of capital reductions for losses

The Directorate General for Legal Certainty and Public Faith confirms that, in capital reduction processes to offset losses, it is mandatory to include the auditor's report on the balance sheet serving as the basis for the operation (Art. 323 LSC). The resolution examines a case where a company attempted to waive this report by citing unanimous shareholder agreement, which does not exempt it from complying with the legal requirements of the Capital Companies Act.

In 2 key points

  1. Mandatory nature of the audit report on the balance sheet used as the basis for reductions due to losses (Art. 323 LSC) (art. 323 LSC)
  2. Shareholder unanimity does not allow for the omission of the audit report in capital reductions (art. 323 LSC)

How it affects those involved

For limited companies undertaking capital reductions to restore the balance between share capital and net equity, shareholder unanimity does not substitute the legal obligation to present an audit report (Art. 323 LSC). Failure to meet this technical requirement results in the suspension of registration by the Mercantile Registrar, forcing the company to remedy the defect by providing the relevant report to achieve public registration.

Lifecycle

2026-08-11PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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