Mexican Legal Framework of Business Insolvency - White & Case

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The reasons for the conciliator’s proposal and justification of the differences
between the preliminary list and the debtor’s books and records or the creditors’
proofs of claim [LCM 128].
A reasoned list of disallowed claims [LCM 128].
A list of documents that are the basis for the conciliator’s proposal and a copy of
such documents or indication of where they can be found [LCM 128].
The conciliator must present the preliminary list to the judge within 30 days of the
date of publication of the concurso judgment in the Federal Official Gazette [LCM
121]. The judge will then make the preliminary list available to the debtor and the
creditors for a five-day period, giving them the opportunity to object [LCM 129].
Within ten business days thereafter, the conciliator must prepare the definitive list of
claims based on the preliminary list, the additional proofs of claim and the objections
presented by the debtor and the creditors [LCM 130].
Within five business days thereafter, the judge shall enter judgment for the allowance,
categorization and ranking of credits, as set forth on the definitive list [LCM 132].
The judgment for allowance, categorization and ranking of credits can be appealed
by the debtor, any creditor, any conservator, the conciliator or the receiver and the
Office of the Attorney General (only in the cases of concursos initiated by such Office)
[LCM 136].
c. Ranking
While many creditors will be similarly situated with respect to the kinds of claims they
hold based on similar legal or contractual rights, others will have superior claims or hold
superior rights. For these reasons, insolvency laws generally rank creditors for the purposes
of distribution of the proceeds of the estate in liquidation by reference to their claims, an
approach not inconsistent with the objective of equitable treatment. To the extent that
different creditors have struck different commercial bargains with the debtor, the ranking
of creditors may be justified by the desirability for the insolvency system to recognize
and respect the different bargains, preserve legitimate commercial expectations, foster