Mexican Legal Framework of Business Insolvency - White & Case

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n. Claims and Contracts
i. Acceleration
Upon the declaration of concurso, all claims against the debtor shall become
due [LCM 88-I].
Claims subject to conditions precedent shall be deemed as if the condition had never
occurred [LCM 88-II]. Therefore, the claim shall be deemed not to exist. 32
Claims subject to a condition subsequent shall be deemed as if the condition
occurred, that is, the claim shall be extinguished [CCF 1940]; however, the parties
shall not be entitled to a refund of any consideration paid during the pendency of the
condition [LCM 88-III].
ii. Quantification and Conversion
The claims must be quantified upon acceleration. For most term claims, this is an
easy exercise, since they would be quantified at par. However, for other types of
claims, the rules are casuistic:
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Claims under periodic or successive payments shall be quantified, discounting
them at their present value. The discount rate shall be the one agreed to by the
parties or, in the absence of an agreement, the prevailing market rate for similar
transactions and, if such market rate cannot be determined, the legal interest
rate 33 [LCM 88-IV].
Claims for annuities shall be quantified at their replacement value and, in the
absence of such replacement value, at their present value determined by
commonly accepted practice [LCM 88-V].
32 Borja (1991), pp. 395-399.
33 The “legal interest rate” is 9 percent per annum for claims of a civil nature [CCF 2395]. It is unclear what the “legal
interest rate” is for claims of a commercial nature.