Mexican Legal Framework of Business Insolvency - White & Case

c. Extensions of Credit
An extension of credit is an agreement through which a lender makes a sum of
money available to a borrower or assumes a liability of a borrower [LGTOC 291].
Extensions of credit can be uncommitted extensions of credit (where the lender
reserves the right to restrict or terminate the extension of credit) or committed
extensions of credit (where the lender does not reserve the right to restrict or
terminate the extension of credit) [LGTOC 294].
While the Insolvency Law makes no distinction, arguably, the general rule of
survival as applied to extensions of credit only applies to the case where the
debtor is the borrower thereunder.
This survival rule makes little sense in the case of concurso of the lender, except
where lending is the debtor’s main activity and its enterprise is not shut down.
But even in that scenario, it is hard to envision a clear-cut rule to determine
whether rejection or assumption maximizes estate value.
It is worth noting that an extension of credit will survive the concurso declaration
of a borrower; however, in uncommitted extensions of credit, the lender may
restrict or terminate the extension of credit [LGTOC 294]. On the positive side,
the loan could qualify for post-commencement financing status (cfr. 15.q).
4. Current Accounts
A current account is an agreement through which the claims deriving from
reciprocal remittances among the parties are accounted for as credits or debits and
only upon closing the current account will the balance be deemed to constitute a
claim against one of the parties [LGTOC 302].
Unless the debtor, with the authorization of the conciliator, determines otherwise,
all current accounts will be closed upon the declaration of concurso, and the
resulting balance shall be a claim in favor or against the debtor [LCM 101].
White & Case
55