Mexican Legal Framework of Business Insolvency - White & Case

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36 a. Debtor Petition A debtor can petition for concurso if any of the two tests mentioned in 11.c(2)[x] or 11.c(2)[y] are met. The petition must be furnished with the following information [LCM 20]: ■■ Debtor’s name. ■■ Debtor’s domicile; corporate domicile; address of offices and establishments, including plants and warehouses; and indication of the location of the principal place of its management (cfr. 9.a.ii). ■■ A description of the causes that led to its general cessation of payments. ■■ Debtor’s audited financial statements for the past three fiscal years. ■■ A list of the debtor’s debtors and creditors, indicating names and domiciles, stated maturity dates of claims, the ranking of claims, main characteristics of the claims and a description of collateral. ■■ An inventory of all the debtor’s assets. ■■ A list of litigation in which the debtor is involved. ■■ Debtor’s offer to post collateral for the payment of the visitor’s fees ( cfr. 14). b. Demand by Creditor or the Office of the Attorney General A creditor or the Office of the Attorney General can demand the concurso if both tests mentioned in 11.c(2)[x] and 11.c(2)[y] are met. The demand must be furnished with the following information [LCM 22-23]: ■■ ■■ ■■ Name of the court before which the demand is made. Creditor’s name and domicile. Debtor’s name and domicile and, if known, the address of the offices, plants and warehouses.
■■ The facts that motivate the demand and the legal arguments invoked. ■■ The petition that the debtor be declared en concurso. ■■ Documentary proof evidencing its capacity as creditor and original or certified copies of other documentary evidence. ■■ Creditor’s offer to post collateral for the payment of the visitor’s fees ( cfr. 14). Once the judge overseeing the concurso proceeding admits the demand, he shall summon the debtor, who will have nine business days to contest the demand [LCM 26]. 13. Temporary Measures The Insolvency Law does not provide for automatic relief upon the filing of a petition. The debtor, the creditor demanding the insolvency, or the visitor (cfr. 14) may request that the judge issue temporary measures to preserve the assets of the debtor pending a determination of whether the debtor is eligible to be en concurso [LCM 25, 37 and 340]. These measures may include (1) the prohibition to make payments; (2) the stay of enforcement proceedings; (3) the enjoining of the debtor from disposing of or encumbering assets, or transferring funds or valuables; and (4) the seizure of property [LCM 37]. 14. The Visit The day after a concurso petition is accepted for filing, the judge overseeing the concurso proceeding will send a copy of the petition to Ifecom ordering it to designate a visitor within five business days. The judge will order the visit and immediately notify the debtor. The visitor and his assistants will review the books and records of the debtor and prepare minutes of the visit. The purpose of the visit is for the visitor to ascertain that the commencement standards (cfr. 11.c) have been met, and report his findings to the judge [LCM 29-41]. The debtor must cooperate with the visitor, allowing him access to the debtor’s premises and books and records, as well as to the debtor’s employees and consultants [LCM 31, 32, 34, 35]. White & Case 37
Page 1 and 2: Mexican Legal Framework of Business
Page 3 and 4: Mexican Legal Framework of Business
Page 5: Maria Teresa Fernández Labardini*
Page 8 and 9: PART IIISpecial Insolvencies ......
Page 10 and 11: 2 Consignment Consignación Coopera
Page 12 and 13: 4 Priority claim Crédito con privi
Page 15 and 16: Introduction All of a debtor’s as
Page 17 and 18: PART I Out-of-Court Restructuring O
Page 19 and 20: One of the risks that suppliers of
Page 21 and 22: Under either of the two approaches,
Page 23 and 24: . Prevention of Systemic Risk Anoth
Page 25 and 26: verification and admission of claim
Page 27 and 28: The issue is still divided between
Page 29 and 30: the debtor to arrive at a consensua
Page 31 and 32: v. Remuneration Specialists are ent
Page 33 and 34: after his death, if the creditors
Page 35 and 36: The above court precedent has two f
Page 37 and 38: 2. Voluntary Acceptance Small merch
Page 39 and 40: ii. Passive Estate Since a branch i
Page 41 and 42: For a debtor to be considered a hol
Page 43: ■■ Shutting down the enterprise
Page 47 and 48: filing such proofs of claim and ind
Page 49 and 50: 29 P. 161. i. Conservative Measures
Page 51 and 52: i. Disposition of Assets During con
Page 53 and 54: ■■ ■■ Granting of collatera
Page 55 and 56: All assets acquired by the concubin
Page 57 and 58: ■■ ■■ ■■ ■■ ■■
Page 59 and 60: ■■ ■■ Claims for an uncerta
Page 61 and 62: chattel 35 ) unless its price is pa
Page 63 and 64: c. Extensions of Credit An extensio
Page 65 and 66: the negotiable instruments and the
Page 67 and 68: epayment or abandonment shall apply
Page 69 and 70: ■ ■ Swaps: transactions in whic
Page 71 and 72: If the subject matter of the constr
Page 73 and 74: Netting of obligations in light of
Page 75 and 76: they function generally determine f
Page 77 and 78: . The Reorganization Plan The purpo
Page 79 and 80: extend to guarantors or co-obligors
Page 81 and 82: the reorganization plan); (3) all s
Page 83 and 84: If a debtor does not successfully c
Page 85 and 86: ii. Timing Removal takes effect leg
Page 87 and 88: Claims by creditors operate at two
Page 89 and 90: ■■ ■■ ■■ ■■ ■■
Page 91 and 92: predictability in commercial relati
Page 93 and 94: The receiver may oppose the foreclo
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■■ A foreign proceeding is a co
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Conditioning the application of cro
Page 99 and 100:
f. Enabling and Access The rules of
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30, 31, 32, 33, 34, 35, 36, 37, 38,
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ii. Once Recognition Is Granted Onc
Page 105 and 106:
concerning the coordination of proc
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20. Non-bank Financial Sector Firms
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■■ ■■ If, however, somethin
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Capitalization is an important indi
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A bank would be declared en concurs
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Bank restructuring through support
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30. Purchase-and-Assumption A bank
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causes for dissolution has occurred
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[LCM 75]. The determination as to w
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33. Securities Market 84 Holders of
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A reorganization plan would be enfo
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■■ ■■ All kinds of animals
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Galindo (1957). GALINDO GARFIAS, Ig
Page 132:
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