Mexican Legal Framework of Business Insolvency - White & Case

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In principle, from the declaration of concurso, the debtor’s debts cannot be netted out,
except for (1) rights in favor of, and obligations payable by, the debtor deriving from the
same transaction which is not interrupted by the concurso declaration; (2) rights in favor
of, and obligations payable by, the debtor maturing before the concurso declaration,
and which can be netted out pursuant to law; (3) taxes payable by and refundable to,
the debtor; (4) reciprocal claims under current account agreements (see 15.n.iv.4); (5)
rights in favor of, and obligations payable by, the debtor under repurchase agreements
(see 15.n.iv.5), securities loans (see 15.n.iv.6) and derivatives (see 15n.iv.7), and under
framework agreements for these transactions; and (6) broadly, rights in favor of, and
obligations payable by, the debtor resulting from “any other reciprocal acts that can be
reduced to cash, even if the claims are not liquid and payable by the date of concurso
declaration but that can be made liquid and payable pursuant to their terms or according
to law” [LCM 90 and 105].
p. Settlement Finality in Payment Systems
While not specifically addressed in the Insolvency Law, an important aspect in
preserving the payment systems and avoiding systemic risk, in addition to netting, is
the concept of settlement finality. According to the Bank for International Settlements, 44
one of the core principles for systemically important payment systems is that “[t]he
[payment] system should provide prompt final settlement on the day of value, preferably
during the day and at a minimum at the end of the day.”
This means that any payment that is accepted by the system for settlement should
be settled finally on the day on which it is due to the receiving participant in the
system…A transaction that has been submitted to the system and has passed all
its risk management tests and other requirements is “accepted by the system for
settlement” and cannot be removed from the settlement process without violating [this]
Core Principle… The [payment] system’s rules and the legal framework within which
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BIS (2001), pp. 29-30.