Mexican Legal Framework of Business Insolvency - White & Case

■■
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].
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