Los efectos materiales de las sentencias firmes estimatorias de la impugnación de los acuerdos sociales de las sociedades de capital (especial consideración a la ineficacia del acuerdo de aplicación del resultado)

Abstract

La obra examina las consecuencias sustantivas de las sentencias firmes que anulan acuerdos sociales de las sociedades de capital. A estos efectos se distingue entre los efectos procesales, como el principio de cosa juzgada que afecta a todos los socios, y los efectos materiales, que abordan la propagación de la ineficacia del acuerdo anulado a actos o contratos posteriores. Una parte importante del análisis se centra en la complejidad de aplicar la nulidad radical ex tunc y erga omnes del derecho civil al derecho societario, buscando modular estos efectos para proteger la seguridad jurídica y a los terceros de buena fe. Finalmente, se abordan específicamente las implicaciones de anular un acuerdo de aplicación de resultados, discutiendo la restitución de dividendos y si un tribunal puede sustituir la voluntad social ordenando el reparto de beneficios, así como el efecto de la sentencia en el derecho de separación del socio.

This chapter examines the substantive implications of final judgments annulling corporate resolutions in capital companies—a notoriously complex issue in Corporate Law. It begins by drawing a fundamental distinction between procedural effects (such as the principle of res judicata, which binds all shareholders, including non-litigants) and substantive effects, which concern how the invalidity of the annulled resolution extends to subsequent acts, contracts, or agreements derived from it. A substantial part of the analysis addresses the challenges of applying the Civil Law concept of radical nullity—with its ex tunc and erga omnes effects—to commercial entities. The chapter argues that this doctrine cannot be mechanically transposed to Corporate Law and underscores the need to modulate these effects to preserve legal certainty in business transactions and protect rights acquired by third parties acting in good faith. Finally, the discussion turns to practical consequences, particularly the impact of annulment on the allocation of profits or losses. It explores the conditions under which dividend restitution may be ordered (limited to cases where the company proves that recipients knew or could not have ignored the irregularity) and the controversy surrounding whether courts may substitute corporate will by mandating profit distribution. The chapter concludes by analyzing the judgment’s effect on the shareholder’s right of withdrawal, noting that annulment generally does not affect separations already exercised or consummated.