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11 National Report for Mexico »

Carlos Sánchez-Mejorada y Velasco
From: Ranking and Priority of Creditors
Edited By: Dennis Faber, Niels Vermunt, Jason Kilborn, Tomáš Richter, Ignacio Tirado
This chapter discusses the law on creditor claims in Mexico. Insolvency proceedings in Mexico aim for an orderly liquidation procedure of all of the bankrupt’s assets to allow an equally orderly distribution of proceeds among creditors under the principle of par conditio creditorum (equal treatment for all creditors). Ideally, the body of law regulating this procedure should match the insolvency law of each country, so that the process can be effected congruently and logically. However, social policies and other commercial considerations have created systems of priorities in asset distribution that vary from country to country as a function of the policies of each. In many cases, the only commonality in all systems is that ordinary unsecured creditors collect last, if at all. Mexico is no exception, specifically in the treatment of claims arising out of a labour relationship, which in turn is derived from the overly protective and outdated regime established by the federal constitution for workers. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section examines: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.