Claims Over Dividend Prescription by Industria Avícola del Sur
Industria Avícola del Sur, S.A.
C. 01042-2017-00059
Summary
This is an ordinary civil lawsuit filed by Industria Avícola del Sur, S.A. against Lisa, S.A., seeking a declaration of extinctive prescription of dividends decreed in shareholder assemblies between 2001 and 2011. Lisa defended its rights by arguing that the dividends could not be considered prescribed due to embargo measures and ongoing shareholder disputes.
Decisions
Whether Industria Avícola del Sur could invoke extinctive prescription over dividends decreed between 2001 and 2011.
The Court ruled the claim inadmissible, holding that dividend rights are not subject to prescription under the Commercial Code and rejected the ordinary civil lawsuit.
The prescription lawsuit was dismissed, maintaining Lisa’s rights to dividends.
Appeal against the February 12, 2024 judgment dismissing the prescription claim.
Lisa argued that the appeal should be denied and the lower court judgment confirmed, stressing that embargoes and judicial measures prevent the operation of prescription. A final appellate ruling is still pending.
The appeal filed by Industria Avícola del Sur remains pending resolution; Lisa filed its brief requesting confirmation of the lower court’s ruling.
Conclusion
Lisa, S.A. prevailed in first instance. The Civil Court rejected the lawsuit for extinctive prescription, finding that dividends are shareholder rights that cannot be extinguished under the Commercial Code and that prescription did not apply. Industria Avícola del Sur appealed, but Lisa presented strong arguments in defense at the appellate stage, emphasizing that embargoes and pending proceedings interrupted or suspended any possible prescription. The outcome confirms Lisa’s shareholder rights and blocks Industria Avícola del Sur’s attempt to erase its dividend obligations through prescription.