Mexican Legal Framework of Business Insolvency - White & Case

ii. Timing
Removal takes effect legally at the moment of the quiebra declaration [LCM 169-II,
178]. Once appointed, the receiver shall begin all occupation procedures, taking
possession of all the debtor’s assets and premises, books and records, and any
other asset in the debtor’s possession [LCM 180].
iii. Preservation Measures
Upon removal, all actions carried out by the debtor with respect to the estate without
the receiver’s written authorization shall be null and void, except to the extent that any
such actions result in the benefit of the estate [LCM 192].
Payments made to the debtor after the quiebra declaration shall not release the payor
if the payor knew of the quiebra declaration. It is conclusively presumed that the
payor knew of the quiebra declaration if payment is made after the publication of the
quiebra declaration in the Federal Official Gazette, or after the payor has participated in
the concurso judicial file [LCM 193].
The Insolvency Law rebuttably presumes that all mail arriving at the domicile of the
debtor’s enterprise corresponds to the operations of the enterprise, so the receiver is
authorized to receive and open such mail with no further need of authorization from
the debtor [LCM 194]. This is a statutory exception to allow the receiver to open the
debtor’s mail without incurring a criminal offense [CPF 173-I].
The debtor has a duty to cooperate with the receiver, either by delivering possession
and management of all assets of the estate or by presenting itself before the
receiver [LCM 169-II, 195]. The conciliator shall also cooperate with the receiver in
allowing him to take office and will deliver all the debtor’s information that is in the
conciliator’s possession [LCM 173].
The judge has broad authority to take any and all judicial action required for the
immediate occupation of assets [LCM 180].
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