Mexican Legal Framework of Business Insolvency - White & Case

the debtor to arrive at a consensual plan of reorganization (cfr. 15.r), present a list
of claims to the court for allowance (cfr. 16.b.ii) and, in exceptional cases, request
the removal of the debtor from the management of the business (cfr. 16.a)
[LCM 81, 121, 130, 148].
■■ The receiver, which may or may not be the conciliator and whose principal function
is to take possession of the enterprise (cfr. 16.a) and proceed with the sale of
assets (cfr. 16.d) when the debtor is declared en quiebra (among other cases, if no
restructuring plan can be reached during the conciliatory stage) [LCM 178, 197].
i. Selection
With some exceptions, only a registered professional can be designated as a
visitor, conciliator or receiver [LCM 334]. To be registered, an applicant must
meet the following requirements: (1) have at least five years of experience
in business administration, financial advisory services, or legal or accounting
activities; (2) may not be a federal public servant or part of the federal or local
legislative or judicial branches; (3) exhibit renowned honesty; (4) comply with
selection procedures determined by Ifecom; (5) may not have been convicted
of certain crimes; and (6) may not be ineligible to hold a governmental
position or a position in the financial system, or to engage in a commercial
pursuit [LCM 326].
ii. Appointment, Removal and Replacement
There are numerous restrictions in the Insolvency Law to ensure that the
visitor, conciliator and receiver are disinterested and have no conflicts of
interest. The spouse; relatives of the debtor or of the managers of the debtor;
the employees, advisors and representatives of the debtor; persons who have
a direct interest in the reorganization and the close friends and open enemies
of the debtor cannot act as the visitor, conciliator or receiver in such debtor’s
insolvency proceeding [LCM 328].
The initial appointment procedure is to be based on random selection from the
experts registered with Ifecom [LCM 335]. The debtor, together with a qualified
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