Mexican Legal Framework of Business Insolvency - White & Case

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majority of creditors, may replace the conciliator or receiver, including a person
not registered with Ifecom [LCM 147 and 174]. In cases involving the insolvency
of a company operating under a federal, state or municipal concession, the
conciliator is appointed at the request of the concession-granting authority
[LCM 240].
iii. Duties and Functions
The specialists have two levels of duties and functions: (1) those that are
inherent to their specific position as visitor, conciliator or receiver, and (2) those
that are common to all specialists. The main duties and functions inherent to
their position as visitor, conciliator or receiver are described above (cfr. 9.c).
The main common duties of the specialists include (1) honest and diligent
performance of their duties; (2) monitoring the performance of their assistants;
(3) keeping adequate records and sharing them with the debtor and the
creditors; (4) filing reports with the judge; and (5) treating certain information as
confidential [LCM 332].
iv. Liability
The level of liability of the specialists is diffuse. Specialists shall be liable to
the debtor and the creditors for damages and losses caused while performing
their duties, for defaulting their duties and for disclosing confidential
information [LCM 61].
Damages are the loss or decrease of assets suffered as a result of the failure to
comply with an obligation. Losses are the deprivation of lawful gains that would
have resulted had there been compliance with an obligation. Damages and
losses must be a direct and immediate consequence of the failure to comply
with the obligation, whether they have already occurred or will necessarily
occur [CCF 2108-2110].