Law's Contest Commercial

Original Language Title: Ley de Concursos Mercantiles

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Law of Commercial Concourses

COMMERCIAL COMPETITION LAW

Published in the DOF on May 12, 2000

Latest reform published DOF January 10, 2014

On the sidelines a seal with the National Shield, which reads: United Mexican States.-Presidency of the Republic.

ERNESTO ZEDILLO PONCE DE LEÓN, President of the United Mexican States, to its inhabitants known:

That the Honorable Congress of the Union, has served to address the following

DECREE

"THE CONGRESS OF THE MEXICAN UNITED STATES, DECREES:

LAW OF COMMERCIAL COMPETITIONS AND REFORM OF ARTICLE 88 OF THE ORGANIC LAW OF THE JUDICIARY OF THE FEDERATION

ARTICLE FIRST.- The Mercantile Concourses Act is approved to remain as follows:

COMMERCIAL COMPETITION LAW

TITLE FIRST

General provisions and declaration of commercial competition

Chapter I

Preliminary Provisions

Article 1o.- This Law is in the public interest and is intended to regulate the business contest.

It is in the public interest to preserve companies and to prevent the widespread non-compliance with payment obligations from putting the viability of the companies at risk other with which you maintain a business relationship. In order to ensure adequate protection for creditors against the detriment of the assets of the companies in competition, the judge and other subjects of the process governed by this Law must govern their actions, at all times, under the principles of transcendence, procedural economics, speed, publicity and good faith.

Article 2o.- The merchant contest consists of two successive stages, called reconciliation and bankruptcy.

Article 3o.- The purpose of the reconciliation is to achieve the conservation of the merchant's company by means of the agreement that it subscribes with its Recognized Creditors. The purpose of the bankruptcy is the sale of the company of the Merchant, of its productive units or of the goods that integrate it for the payment to the Recognized Creditors.

Article 4o.- For the purposes of this Act, it is understood by:

I.           Recognized creditors, to those who acquire such a character by virtue of the judgment of recognition, graduation and prelation of credits;

II.          Merchant, to the natural or moral person who has such a character under the Trade Code. This concept includes the fideicomitting heritage when it affects the performance of business activities. It also includes the controlling or controlled commercial companies referred to in Article 15 of this Law;

III.         Domicile, the registered office and in case of its unreality, the place where the main administration has the company. In case of branches of foreign companies it will be the place where its main establishment is located in the Mexican Republic. In the case of a trader, the principal place of business of his company and, failing that, where he is domiciled;

III Bis. Electronic Signature, to the means of entry to the electronic system of the Judiciary of the Federation that will produce the same legal effects as the autograph, as an option to send and receive promotions, documents, communications and official notifications, as well as to consult agreements, resolutions and related judgments with the matters of competence of the bodies jurisdictional under this Act;

IV.         Instituto, al Instituto Federal de Specialists de Concursos Mercantile;

IV Bis. Act, to this Law of Commercial Concourses;

V.          Mass, to the portion of the merchant's estate declared in a commercial tender integrated by its assets and rights, with the exception of those expressly excluded in terms of this Law, on which the Recognized Creditors and the others they are entitled, they can make their credits effective, and

VI.         UDIs, to the Investment Units referred to in the decree published in the Official Journal of the Federation of the 1o. of April 1995.

Article 5o.- Small traders may only be declared in a commercial contest, when they agree to submit voluntarily and in writing to the application of the Law. For the purposes of this Law, a small trader shall be deemed to be a trader whose obligations in force and due, together, do not exceed the equivalent of 400,000 UDIs at the time of application or demand.

State-owned companies incorporated as commercial companies may be declared in a commercial tender.

Article 6o.- When in this Law a number of days are noted for the holding of an audience, the practice of some diligence or act, or the exercise of some the right, without making reference to the type of days, shall be understood as working days. In cases where the express reference is made to a time limit, if the time limit expires on an indeft day, the following working day shall be deemed to be completed.

Article 7o.- The judge is the rector of the business contest procedure and will have the necessary powers to comply with what this Law establishes, without which may modify any period or term which establishes the same unless it expressly entitles it to do so. It shall be the responsibility of the judge or the Institute for failure to comply with their obligations within the time limits provided for in this Law, except for reasons of force majeure or fortuitous cases.

The business contest procedure is public, so anyone can request access to information about it, through the mechanisms of access to the information with which the Judicial Branch of the Federation counts.

Article 8o.- They are application-only to this order, in the following order:

I.      The Trade Code;

II.     Business legislation;

III.    Special and general commercial uses;

IV.    The Federal Code of Civil Procedures, and

V.     The Civil Code in federal matters.

Chapter II

Of the assumptions of the merchant contest

Article 9o.- It will be declared in a commercial contest, the Merchant who will generalize in the payment of its obligations.

A trader shall be understood to have failed to fulfil his obligations in a general manner when:

I.      The trader applies for his declaration in a commercial tender and shall be placed in one of the cases listed in the following sections I or II of the following Article

II.     Any creditor or the Public Ministry would have sued the merchant's trade contest declaration and the trader is located in the two cases reported in the following sections I and II.

Article 10.- For the purposes of this Act, the general non-compliance in the payment of the obligations of a Merchant referred to in the previous article, consists of the non-compliance in its payment obligations to two or more other creditors and the following conditions are presented:

I.      That of the obligations referred to in the preceding paragraph, those who have at least 30 days of maturity represent thirty-five per cent or more of all the obligations of the trader to date where the application or application for a tender has been filed, and

II. The Merchant does not have assets listed in the following paragraph, to deal with at least eighty percent of its obligations due to the date of filing of the claim or application.

The assets to be considered for the purposes of the provisions set out in Part II of this Article shall be:

a) Cash cash and deposits in sight;

(b) Time deposits and investments whose maturity does not exceed 90 calendar days after the date of filing of the claim or request;

c) Customers and receivables whose maturity is not greater than ninety calendar days after the filing date of the claim or request, and

d) Securities securities for which purchase and sale transactions are regularly recorded on relevant markets, which may be sold within a period of time maximum of 30 working days banking, the valuation of which at the date of filing of the claim or application is known.

The opinion of the visitor and the opinions of experts who may be offered by the parties shall expressly refer to the assumptions established in the fractions above.

Article 11.- It is presumed that a Merchant has failed to generalize in the payment of its obligations, when any of the following cases are present:

I.      The absence or inadequacy of the goods to be carried out when an embargo is applied for the failure to comply with an obligation or to claim to execute a judgment against it with res judicata authority;

II.     Failure to pay obligations to two or more other creditors;

III.    Hidden or absent, without leaving your company's administration or operation to someone who can fulfill your obligations;

IV.    In the same circumstances as in the previous case, closing the premises of your company;

V.     Go to ruinous, fraudulent or fictitious practices to address or stop fulfilling your obligations;

VI.    Non-compliance with pecuniary obligations contained in a convention concluded in terms of Title V of this Law, and

VII.   In any other cases of an analogous nature.

Article 12.- The succession of the Merchant may be declared in a commercial contest when the company from which the trader was a holder is in one of the cases following:

I.      Continue in operation, or

II.     Suspended their operations, have not prescribed the actions of the creditors.

In these cases, the obligations that are attributed to the Merchant, will be in charge of his succession, represented by his executor. Where the hereditary rate has already been established, it shall be borne by the heirs and the legatees, in accordance with the provisions of the applicable legislation. In the case of obligations attributed to the Merchant, the heirs and legatees shall be responsible for the benefit of the inventory and up to the extent of the hereditary flow.

Article 13.- The Merchant who has suspended or terminated the operation of your company may be declared in a commercial tender when it is generally violated. in terms of Article 10 of this Law in the payment of the obligations that you have incurred by virtue of the operation of your company.

Article 14.- The declaration of a company's business contest determines that the unlimitedly responsible partners are considered for all purposes in trade contest. The fact that the partners show individually that they can meet the obligations of the company will not exempt them from the declaration of competition, unless such partners, with their own means, pay the obligations due of the society.

The procedure can be initiated jointly against the society and against the partners. The procedures relating to the partners shall be cumulated with that of the company, but shall be kept separately.

The declaration of a trade contest of one or more unlimitedly responsible partners, individually, will not in itself produce that of society.

The commercial competition of an irregular society will cause the unlimitedly responsible partners and those against whom it is proved that without objective foundation were held for limited liability.

Article 15.- The commercial tender procedures of two or more merchants shall not be accumulated except as provided for in the following paragraph.

They will accumulate, but they will be taken by separate cord, the commercial tender procedures of commercial companies that integrate a societarium group.

For the purposes of the provisions of this Law, a corporate group shall be understood to be the controlling and controlled societies in accordance with the following:

I.           The following shall be considered as controlling companies which, directly or indirectly, maintain the ownership of rights which enable voting against more than fifty per cent of the capital of another company to be taken into account; in their assemblies, they are in a position to appoint the majority of the members of the administrative body, or who by any other means have the power to take the fundamental decisions of a company.

Non-voting shares, those that have limited voting and the right to vote shall not be considered that in the terms of the mercantile legislation it is referred to as actions of enjoyment.

Dealing with companies other than shares, the value of the shares shall be considered social.

II.          They shall be considered as controlled companies in which more than fifty percent of their voting shares are owned, either directly, indirectly or in both ways, by a controlling company. For this purpose, the indirect holding referred to in this paragraph shall be that which has the controller through another or other companies that are in turn controlled by the same controller.

Will also be considered controlled societies, the societies in which a controlling commercial company, irrespective of the updating of the assumptions mentioned in the previous fractions, has the capacity to direct, directly or indirectly, the administration, strategy or main policies of a company controlling, either through ownership of the shares representing their share capital, by contract or through any other form.

Article 15 Bis.- They may simultaneously request the joint judicial declaration of a commercial contest, without mass consolidation, those Merchants that are part of the same group. For the joint declaration of the trade contest, it shall be sufficient for one of the members of the group to be in one of the cases referred to in Articles 10, 11 or 20 Bis, and to place one or more of the members of the societarium group in the same situation.

Dealing with merchants who are members of a group that are in the same assumption as the previous immediate paragraph, their creditor or creditors may sue the joint judicial declaration of a commercial tender of one or more of these.

In the cases provided for in this Article, the application or claim for a joint declaration of a commercial tender shall be substantiated under the same procedure, and may be the judge to a single visitor, conciliator or receiver for the purposes of this Law, if it is appropriate for the purposes of the procedure.

The procedures for the joint declaration of a trade contest may be cumulated with other processes of commercial competition as provided for in the article 15.

Article 16.- The branches of foreign companies may be declared in a commercial tender. The declaration shall cover only the goods and rights located and enforceable, as the case may be, in the national territory and the creditors for transactions carried out with those branches.

Chapter III

The procedure for the merchant tender declaration

Article 17.- You are competent to know of the merchant competition of a Merchant, the District Judge with jurisdiction in the place where the Merchant has his or her address, except as provided in the following paragraphs.

In the case of applications or requests for a commercial competition that are promoted by or against controlling companies, having already promoted a competition (a) a commercial competition of the company or controlling companies, for the accumulation to which it is established, the commercial competition of the holding company or the controlling companies; Article 15 of this Law, the judge who has known it shall be competent of the first judgment, it is sufficient to promote the subsequent application or claim to the same for admission.

shall be a judge responsible for the joint declaration of trade contest referred to in Article 15 Bis of this Law, the place where the company has its registered office Member of the corporate group which is located first in the cases referred to in Articles 10, 11 or 20 Bis.

Article 18.- Exceptions of a procedural nature, including those of a judge's incompetence and lack of personality, shall be dealt with on an incidental and non-incidental manner. suspend the procedure. The procedure for the declaration of a commercial contest shall not be suspended either for the interposition and the processing of appeals against the decisions which the judge has given to the effect.

The judge will have to throw out the notoriously improper exceptions out of hand and can resolve the procedural exceptions in one or more interlocutory sentences.

Article 19.- If the exception is declared from the actor's lack of personality or the objection that has been made to the personality of the person who has been held as representative of the trader, the judge shall grant a period of not more than ten days for the purposes of subsane to be remedied, if the defects of the document presented by the representative are subsable. If it is not to be remedied, in the case of legitimization of the Merchant's process, the trial will continue in rebellion of this one. If that of the actor is not remedied, the judge immediately overcomes the judgment.

Article 20.- The Merchant who considers that he has incurred the widespread breach of his obligations in terms of any of the assumptions Article 10 of this Law may request that it be declared in a commercial tender, which, if it is founded, will be opened in a conciliation stage, unless the Merchant expressly asks that the commercial contest be opened in stage of bankruptcy.

The application for a declaration of commercial contest of the Merchant himself must be submitted in the formats that to the effect of to know the Institute, which must contain at least the full name, name or social name of the trader, the address to which he is registered to hear and receive notifications, as well as the registered office, his various offices and establishments, including plants, warehouses or holds, specifying where necessary the case where the main administration of your company or if you are a natural person, the address where you live, and the following annexes must be attached to it:

I.         The financial statements of the Merchant, of the last three years, which must be audited when this obligation exists in terms of the law;

II.        A memory in which you reason about the causes that led to the default status in which you are;

III. A relationship of its creditors and debtors indicating their names and addresses, the the maturity date of the credit or claims of each of them, the degree to which they are deemed to be recognised, indicating the particular characteristics of such claims, as well as the guarantees, real or personal, which it has granted to ensuring own and third party debts;

IV. An inventory of all your real estate and furniture, securities, genres trade and rights of any other species;

V.       A relation of the judgments in which the Merchant is a party, indicating the parts of the procedure, the identification data of the procedure, its type, status of the trial and the person who is dealing with it;

VI.      The offer to grant in case of admission of the application, the guarantee referred to in Article 24;

VII.     Dealing with moral persons, the agreements of the corporate acts that are necessary to request a commercial contest in accordance with the terms and conditions established by the respective social statutes or by the organs competent social partners, who must clearly demonstrate the intention of the partners or shareholders in this respect;

VIII.    Proposal for a preliminary payment agreement to its creditors, except where the Merchant applies for the bankruptcy declaration in terms of Title VI of this Law, and

IX.      Preliminary proposal for the company's conservation.

The application must be processed in accordance with subsequent demand-related provisions.

In the self-order of the application, it will be provided in terms of article 29 of this Law.

Article 20a.- The Merchant may also apply for the trade contest, demonstrating in protest of telling truth, that it is imminent that it is inside of any of the cases referred to in Article 10 (I) and (II) of this Law.

The trader shall be deemed to fall imminently in the cases of general non-compliance in the payment of obligations where it is assumed that any of such cases shall be updated in an unavoidable manner within 90 days of the request. In this case, the Merchant shall make the application for a commercial tender declaration as provided for in the previous article.

Article 21.- You may sue the merchant tender declaration any creditor of the Merchant or the Public Ministry.

If a judge, during the processing of a commercial trial, warns that a trader is located in any of the cases of Articles 10 or 11, he will proceed on his own initiative. to do so with the knowledge of the competent tax authorities and the Public Ministry so that, where appropriate, the latter demand the declaration of a trade contest. The tax authorities will only proceed to sue a trader's commercial competition in his/her character as creditors.

Likewise, one or more creditors of the Merchant may sue the commercial contest, starting directly in the stage of bankruptcy. The judge, in the event that the trader is in charge of the claim contained in the application and after obtaining the opinion of the general non-compliance in the payment of the obligations of the trader, will, if necessary, dictate the judgment of the commercial contest in the stage of bankruptcy.

In the event that the Merchant does not break into the claim referred to in the preceding paragraph, the commercial tender procedure shall start at the stage of the reconciliation, which will be dealt with in the terms of this Law.

Article 22.- The demand for a commercial tender must be presented in the formats that the Institute has the effect of knowing, but in any case it must be signed by who promotes it and contain:

I.      The name of the court to which it is promoted;

II.     The full name and address of the claimant;

III.    The name, name or social reason and the domicile of the defendant, including, where they are known, the name of their various offices, manufacturing plants, warehouses or warehouses;

IV.    The facts that motivate the request, narrating them briefly with clarity and precision;

V.     The basics of entitlement, and

VI.    The application for a declaration to the Merchant in a commercial tender, or in his case, in a commercial tender in the stage of bankruptcy in accordance with the provisions of Article 21 of this Law.

Article 23.- The claim by a creditor must be accompanied by:

I.      Test documentary that demonstrates that it has such quality;

II. The offer to grant in case of admission of the claim the guarantee referred to in the following article, and

III.    The original documents or certified copies which the plaintiff has in his possession and which must serve as evidence on his part.

The documents I shall present later shall not be admitted, except in the case of those who serve as proof against the exceptions alleged by the Merchant, subsequent to the filing of the claim and those which, even though they were earlier, manifest the complainant, under protest of telling the truth, that he had no knowledge of them when filing the claim.

If the applicant does not have at his disposal the documents referred to in this article, he must designate the file or place where the originals are located, so that, before the application is dealt with, at the expense of the claimant, the judge shall issue a copy of them.

The filing of claims or term promotions in electronic form may be submitted up to twenty-four hours on the day of their expiration.

Article 23 Bis.- Those who request or demand the declaration of a commercial tender in terms of Articles 20 and 21, respectively, may do so by submitting your letter in print or electronic form. The electronic writing will be presented through the use of the information technologies, using the Electronic Signature according to the regulation that for this effect the Council of the Federal Judicature will issue.

In any case, whether the parties request or sue the contest in a printed or electronic form, the courts are obliged to make the case The electronic and printed form will be fully matched for the parties ' consultation.

The holders of the courts will be responsible for monitoring the digitisation of all promotions and documents that are presented in accordance with this Law, as well as agreements, decisions or judgments and any information relating to the files in the system, or in the event that they are submitted in electronic form, shall be printed to be incorporated into the file printed. The secretaries of agreements of the courts shall attest to the fact that each promotion, document, order and resolution are incorporated in the electronic file as well as in the form, in order to coincide in its entirety.

Article 24.- In the event of darkness, irregularity or deficiency in the written or appendices of application or demand for a commercial contest, the judge shall agree on the which it shall state precisely in which they consist of preventing and subsating in the same file within a maximum period of ten days and failing to do so, the judge shall discard and return all documents to the data subject.

If the judge finds no reason to give or defect in the application or demand for a commercial contest, or if the deficiencies ordered in the The judge will admit that. The self-order of the application or demand will cease to have its effects if the actor does not guarantee the fees of the visitor, for an amount equivalent to one thousand five hundred days of minimum wage in force in the Federal District, within three days following the date on which you are notified of the self-order.

The warranty will be released in favor of the actor if the judge disposes of the application or demands or dictates a judgment declaring the commercial contest.

In case the claim is filed by the Public Ministry, the guarantee referred to in this article will not be required.

Article 25.- The creditor who demands the declaration of a merchant's trade contest, may ask the judge for the adoption of precautionary providences or, in their case, the amendment to which they have been adopted. The constitution, amendment or lifting of such provisions shall be governed by the provisions of the Trade Code.

Article 26.- Admitted to the demand for a commercial contest, the judge will send to the Merchant, correcting him with the demand and its annexes, granting him a nine days to answer, and must accompany to its written defence the relation of creditors that to the effect it alludes the III fraction of the article 20 of the Law. The Merchant shall provide, in the statement of defence, the evidence that this Law authorizes.

The judge, at the request of the Merchant, or of its own office, will dictate the precautious providences that it considers necessary in order to avoid the risk of the viability of the a company on the occasion of the claim or of others that are present during the visit, or that the risk is aggravated, in order to safeguard the public interest provided for in the first article of this Law.

The day after the judge receives the answer, he will give the plaintiff a view of the plaintiff so that within a three-day term he will manifest what is right for him. and, if applicable, add your offer of proof with those related to the opposing exceptions by the Merchant.

The day after the expiry of the period referred to in the first paragraph of this Article without the Merchant having submitted his reply, the Judge shall certify this fact by declaring the dealer's right to answer. The failure to respond in time shall make it presumed, unless proof to the contrary, as certain facts contained in the claim that are decisive for the declaration of a commercial contest. The judge must give final judgment by declaring the trade contest within five days.

Article 27.- With the defence of the claim the documentary evidence and expert opinion shall be accepted when it is submitted in writing. The expert opinion shall accompany the written information and documents certifying the experience and expertise of the relevant expert. For no reason will the experts be cited for questioning.

With the defence of the claim, the Merchant may offer in addition to the evidence referred to in the preceding paragraph, those which may directly distort the Article 10 of this Law; and the judge may order the additional proof that he deems appropriate, but the failure of all of them shall not exceed a term of thirty days.

Article 28.- The Merchant who has applied for his/her declaration of a trade contest or, where applicable, the creditors or the Public Ministry who have sued him, they may withdraw their application or request, provided that the express consent of all of them exists. The trader or the claimant creditors shall bear the costs of the process, inter alia, the fees of the visitor and, where appropriate, the conciliator.

Chapter IV

From the verification visit

Article 29.- On the day after the judge admits the application, you must forward a copy of it, but not its annexes, to the Institute, ordering it to designate a a visitor within five days of receiving such communication. In the same way and within the same period of time, the competent tax authorities shall be aware of the effects resulting from them, and the respective offices shall be immediately rotated.

The above, without prejudice to the respective annexes of the application, must be made available to the Institute, the creditors and the tax authorities and competent administrative authorities, in the court.

Not later than the day after the appointment of the visitor, the Institute shall inform the judge and the designated visitor. The visitor, within five days of his appointment, shall communicate to the judge the name of the persons from whom he will be assisted in the performance of his duties without any non-designated person being able to act on the visit. The day after he or she knows about these designations, the judge will agree to make them known to the interested parties.

Article 30.- The day after the day in which the view referred to in the third paragraph of Article 26 is disapproved, and where appropriate, the (a) a person who is a member of the State of the European Union who is a member of the State of the State of the European Union

I.      Rule if the Merchant incurred the assumptions provided for in Article 10 of this Act, as well as the due date of the credits related to those facts, and

II. Where appropriate, suggest to the judge the precautionary provisions deemed necessary for the protection of the Masa, in the terms of Article 37 of the same.

In the case of a controlling or controlled merchant company, the visitor shall be responsible for this in his opinion.

Article 31.- The order in which the practice of the visit is ordered must also express the following:

I.      The name of the visitor and the name of his auxiliaries;

II.     The place or places where the corresponding visit is to be made, and

III. The merchant's books, records, and other documents about which you will be visiting.

The order that orders the visit will have the effect of commandment to the Merchant to allow the realization of the visit, warning that in case of non-compliance proceed to declare the trade contest.

Article 32.- The visitor must appear at the Merchant's Home within five days of the time the order is issued. If this period has elapsed, the visitor may not have filed it for any reason, the judge or the creditors who have sued the trader, through the judge, may ask the Institute for the appointment of a visitor. substitute. Once the substitute visitor is appointed, the Institute will inform the judge to modify the order of business.

Article 33.- If the visitor is present at the place where the visit is to be verified, the trader or his representative will not be present. a person who is in that place to wait at a given time on the following day to be aware of the contents of the order of business; in the absence of a person with whom the visit is understood, the visitor must ask the judge to, upon inspection to practice the secretary of agreements of the court of insolvency, prevent the trader from insisting on his omission to declare the trade contest.

In case the visitor's judgment is necessary to appoint additional places for the visit, you must ask the judge to agree to this. driver.

Article 34.- The visitor must accredit his appointment with the respective order. Both the visitor and his auxiliaries must identify with the Merchant before proceeding to the visit.

The visitor and his auxiliaries shall have access to the merchant's books, records and financial statements, as well as any other document or media the electronic storage of data in which the financial and accounting situation of the business of the trader is recorded and which are related to the purpose of the visit. They will also be able to conduct interviews with the Merchant's managerial, managerial and administrative staff, including their financial, accounting or legal external advisors.

Article 35.- The Merchant and his staff will be obliged to collaborate with the visitor and his assistants. If they do not cooperate, obstruct the visit or do not provide the visitor or their auxiliaries with the necessary information to enable them to produce their opinion, the judge may, at the request of the visitor, impose the award measures that he considers relevant, Warning the trader that he/she will not be involved in a trade contest.

Article 36.- At the end of the visit, the visitor shall draw up the minutes in which the facts or omissions that have been known shall be recorded in a circumstantial manner. by the visitor and his auxiliaries relating to the object of the visit.

The minutes of the visit must be raised before two witnesses appointed by the Merchant, for which the visitor must inform him in writing with twenty-four hours of In case of refusal of the trader to make the appointment of witnesses, the minutes shall be brought before the secretary of agreements of the court of insolvency. The trader and the witnesses must sign the minutes; if they refuse to do so, the act must be settled in the minutes, without it being affected by its validity.

The visitor and his auxiliaries will be able to reproduce by any means documentation so that, prior to collation, it is annexed to the record of the visit. The visitor may accredit the known facts relating to the visit by means of public fedatary, without requiring the issuing of exhorts or the enabling of days and hours for the purposes of the visit.

Article 37.- In addition to the precautious providences referred to in Article 25, the visitor may ask the judge during the visit to adoption, modification or lifting of the precautionary provisions referred to in this Article, in order to protect the Masa and the rights of creditors, and in all cases must be based on the reasons for their application.

The judge may issue the precautionary providences which he considers necessary at any stage of the insolvency proceedings, once he receives the request, or trade.

The precautious providences may consist of the following:

I.      The prohibition of making payments of obligations due prior to the date of admission of the application or demand for a commercial tender;

II.     The suspension of any enforcement proceedings against the goods and rights of the Merchant;

III.    The prohibition on the trader to carry out operations involving the disposal or taxation of the principal assets of his company;

IV.    The securing of goods;

V.     The intervention of the box;

VI.    The prohibition on the transfer of resources or values in favour of third parties;

VII.   The order to take the trader root, for the sole effect that he cannot be separated from the place of his Domicile without leaving, by mandate, sufficiently instructed and overthought. When the person who has been established proves that he has complied with the above, the judge will raise the root, and

VIII. Any others of a similar nature.

From the request for a trade contest or, once admitted to processing, the trader may ask the judge for his authorization for the immediate hiring of (i) credit essential to maintain the normal operation of the undertaking and the necessary liquidity during the processing of the business contest. For the purposes of processing such claims, the judge may authorise the lodging of guarantees which will result, if so requested by the trader.

Filed the trader's request and given the urgency and necessity of the financing, the judge, after the visitor's opinion, will decide on the authorization of the financing with the objective mentioned above, proceeding to dictate the guidelines in which the respective credit will be authorized and its ordinary payment during the commercial contest, taking into consideration its preferential ranking in the terms of the Article 224 of the Law.

Article 38.- The precautious providences subsist until the judge orders their lifting.

The trader may avoid the application of the precautionary providences or request that they be lifted, on the basis of a guarantee lodged with satisfaction of the judge.

Article 39.- The manifestations of the Merchant concerning the existence of evidence documents that are not in their possession must be entered in the minutes of visit.

Article 40.- The visitor, based on the information contained in the minutes of the visit, must give the judge, within a period of fifteen calendar days, counted from of the date of the start of the visit, a reasoned and circumstantial opinion taking into account the facts raised in the complaint and in the reply, annexed to it, the minutes of the visit. The opinion shall be presented in the formats which the Institute shall make known.

The visitor must present his opinion within the time limit referred to in the preceding paragraph, however, for justified reasons, he may ask the judge for an extension to to finish the visit and to deliver the opinion. The extension shall in no case exceed 15 calendar days.

Article 41.- The judge the day after the day on which he receives the opinion of the visitor, shall put it at the sight of the trader, the creditor or the plaintiff's creditors. and of the Public Ministry in the event that the latter has sued the commercial contest, so that within a common period of five days they submit their written pleadings, and for the other effects provided for in this Law.

Chapter V

From the merchant contest statement

Article 42.- Without the need for a subpoena, the judge will dictate the sentence that corresponds within five days of the expiration of the time limit for the formulation. In addition to the opinion of the visitor, it is considered what has been stated, proven and alleged by the parties. The judge shall reason the evidence provided by the parties, including the opinion of the visitor.

Article 43.- The merchant contest statement statement, will contain:

I.         Name, name or business name and Address of the Merchant and, where applicable, the full name and addresses of the unlimitedly responsible partners;

II. The date on which it is issued;

III. The substantiation of the sentence in terms of Article 10 of this Law, as well as, where appropriate, a list of the creditors that the visitor would have identified in the Accounting of the Merchant, without this the procedure of recognition, graduation and prelation of credits referred to in the Title Fourth of this Law;

IV.      The order to the Institute to appoint the conciliator through the previously established random mechanism, together with the determination that, in the meantime, the Merchant, its managers, managers and dependents will have the obligations that the law attributes to the depositaries;

V.       The opening statement of the reconciliation stage, unless the trader has been filed for bankruptcy;

VI. The order to the Merchant to immediately make available to the conciliator the books, records and other documents of your company, as well as the necessary resources to cover the registration costs and publications provided for in this Law;

VII.     The commandment to the Merchant to allow the conciliator and the interventors to carry out the activities of their own;

VIII.    The order to the Merchant to suspend the payment of the debits contracted before the date on which the judgment of the mercantile contest begins to have its effects; except those that are indispensable for the ordinary operation of the company, including any credit essential to maintain the normal operation of the undertaking and the necessary liquidity during the processing of the commercial tender, in respect of which it must inform the judge within the following seventy-two hours of the;

IX.      The order to suspend during the conciliation stage, any authorization for the seizure or execution of the goods and the rights of the trader, with the exceptions provided for in Article 65;

X. The backaction date;

XI.      The order to the conciliator that an extract of the sentence be published in the terms of Article 45 of this Law;

XII.     The order to the conciliator to register the judgment in the public register of commerce that corresponds to the Domicile of the Merchant and in all those places where it has an agency, branch or goods subject to registration in some register public;

XIII.    The order to the conciliator to initiate the credit recognition procedure;

XIV.    The notice to creditors so that those who so wish request the recognition of their credits, and

XV.     The order for the statement to be issued, at the expense of the requesting, certified copy of the statement.

Article 44.- The day after the judgment is delivered that declares the trade contest, the judge must notify the trader personally, the Institute, and to the visitor. Creditors whose addresses are known and to the competent tax authorities shall be notified by registered mail or by any other means established in the applicable laws. The Public Ministry will be notified in case it is the plaintiff, by trade. The trade union representative and, failing that, the Ombudsman of the Defence of Labour shall also be notified of the trade union representative.

Article 45.- Within five days of its designation, the conciliator will proceed to request the registration of the trade contest judgment in the public records that correspond and will publish an extract of the same in the Official Journal of the Federation and in one of the newspapers of greater circulation in the locality where the trial is followed, being able to also spread by other means than the Institute considers convenient.

Parties which have not been notified in terms of the foregoing Article shall be deemed to be notified of the declaration of a trade contest on the day on which the last publication of the ones mentioned in this article.

Article 46.- Translate five days from the expiration of the term for the publication of the judgment without having been published, any creditor or The financial controller may ask the judge to give him the documents necessary to make the publications. The judge shall provide the documents to which he is first requested. The corresponding expenditure shall be credits against the Masa.

Article 47.- The judgment will produce the effects of the merchant's roots and, in the case of moral persons, who or those responsible for the administration, for the sole effect that they cannot be separated from the place of their domicile without leaving, by general or special mandate with powers for acts of dominion, acts of administration and for lawsuits and charges, sufficiently seized instructed and expenated. When the one who has been rooted demonstrates given the above, the judge will raise the root.

Second paragraph.-Repeated

Article 48.- The statement declaring that the business contest is not coming, will order things to return to the state they previously held to it, and the lifting of the precautious providences which have been imposed or the release of the guarantees which have been constituted to prevent their imposition. The judgment must be notified personally to the trader and, where appropriate, to the creditors who have sued him. The complainant Public Ministry shall be notified of its own motion.

In all cases, the acts of administration that are legally performed must be respected, as well as the rights acquired by third parties in good faith.

The judge will convict the plaintiff, or the applicant, if any, to pay the costs and costs of the court, which will be calculated as if the business is of value indeterminate in accordance with the general rules governing the tariff matters in the Federal Entity concerned, including the fees and expenses of the visitor.

Chapter VI

From the appeal of the mercantile contest statement

Article 49.- Against the judgment that denies the commercial contest, the appeal proceedings in both effects, against which it is declared, proceed only in the return effect.

May bring the appeal against the Merchant, the Visiter, the Plaintiff Creditors, and the Plaintiff Public Ministry.

Article 50.- The appeal shall be filed in writing within nine days of the date on which the notification of the judgment and in the appellant must express the grievances that it causes, provide evidence and, where appropriate, point out constances to integrate the evidence of appeal.

The judge, in the order that admits the appeal, will give an opinion to the opposing party so that in the nine-day term, he will answer the grievances, offer proof and, where appropriate, point out constances to add to the testimony. The judge shall order that the application and the referral of the appeal file in respect of the court of appeal shall be lodged in order within a period of three days, if they are original and shall be five in the case of testimony.

In the letters of expression of grievances and defence, the Merchant may offer the evidence that this Law authorizes by specifying the points on which they must versar.

Article 51.- The high court, within two days of receiving, as the case may be, the testimony or the cars, will dictate order in which must admit or discard the appeal, and decide on the evidence offered and, where appropriate, open a period of 15 days for its failure. The Court of Justice may extend the latter period for an additional 15 days, where a test for reasons not attributable to the offeror has not been possible.

If it is not necessary to unchoke any evidence, or out of drowning those that have been admitted, a term of ten days shall be granted for the submission of pleadings, first to the appellant and then to the other parts. The court of appeal within five days of the expiration of such time limits shall, without further processing, dictate the judgment in question.

Article 52.- The judgment that revokes the business contest must be entered in the same public register of commerce in which the person who declared it is registered. and shall be communicated to the public registers to cancel the corresponding entries.

Article 53.- The judgment of revocation of the commercial contest shall be notified and published in terms of the foregoing Articles 44 and 45 and shall be, in the conduct, as provided for in Article 48 of this Law.

TITLE SECOND

From the organs of the commercial contest

Chapter I

From the visitor, the conciliator, and the receiver

Article 54.- The visitor, the conciliator and the receiver will have the obligations and powers expressly conferred upon them by this Law.

Article 55.- Visitators, conciliators and syndicates may contract, with the authorization of the judge, the auxiliaries they deem necessary for the exercise of their duties, which shall in no case involve the delegation of their respective responsibilities.

Article 56.- The appointment of the visitor, conciliator or liquidator may be challenged before the judge by the Merchant, and by any of the creditors within the three days following the date on which the appointment was made to them in accordance with Articles 31, 149 or 172. Impeachment shall be admissible only when any of the assumptions referred to in Article 328 of this Law are verified. Impeachment will be aired on the byline.

The judge will be able to reject the appointment made by the Institute when any of the assumptions of Article 328 of this Law are made, and must notify the Institute to make a new designation.

Article 57.- The challenge of the appointment of the visitor, conciliator or receiver shall not prevent his entry into office, nor shall he suspend the continuation of the visit, the reconciliation or bankruptcy.

Article 58.- Where this Law does not determine a time limit for the fulfilment of the obligations of the visitor, the conciliator or the liquidator, it shall be understood that they must be carried out within 30 calendar days unless, at the request of the visitor, conciliator or liquidator, the judge authorizes a longer period, which may not exceed thirty calendar days.

Article 59.- The liquidator and, where appropriate, the conciliator, will be required to report to the judge a report of the work they do in the company of the Trader and must submit a final report on his/her management, in accordance with the formats that the Institute has the effect of, which will detail the minimum financial, accounting, fiscal, administrative, corporate and The trader's legal status to be contained. All the reports shall be made in the light of the trader, the creditors, the complainant and the financial controller through the judge.

Article 60.- The Merchant, the plaintiff, the interveners and the creditors themselves, individually, may report to the judge acts or omissions of the visitor, the conciliator and the liquidator who do not adhere to the provisions of this Law. The judge shall give the appropriate award measures and, where appropriate, may request the Institute to replace the visitor, conciliator or receiver in order to avoid damage to the Masa.

When, by final judgment, a visitor, conciliator or receiver is convicted of damages, the judge must send a copy of the same to the Institute for effects of the provisions of Article 337 (VI) of this order.

Article 61.- The visitor, the conciliator and the liquidator shall be liable to the Merchant and to the creditors, for their own acts and their auxiliaries, in respect of damages caused in the performance of his duties, for non-compliance with his obligations, and for the disclosure of confidential data which he or she is aware of by virtue of the performance of his duties.

In the case of the liquidator and the conciliator, when he is in charge of the administration, they will also be responsible for the failure to comply with the tax obligations refers to Article 69 of this Law.

Chapter II

From the Intervents

Article 62.- The financial controller shall represent the interests of the creditors and shall be responsible for monitoring the performance of the conciliator and the liquidator. as of the acts performed by the Merchant in the administration of his company.

Article 63.- Any creditor or group of creditors representing at least ten percent of the amount of the credits in charge of the Merchant, in accordance with the provisional list of appropriations, at least 10% of the liability of the trader in accordance with the final list of credit recognition, or, in accordance with the judgment of recognition, graduation and appropriations, they shall be entitled to ask the judge for the appointment of a financial controller; whose fees will be at the expense of those who request it. In order to be financial, it is not necessary to be a creditor, it is sufficient to be a natural or legal person with legal capacity.

The creditor or group of creditors shall direct their requests to the judge for the purpose of making the corresponding appointment flat, without giving any views to the parties and within three days of the submission of the application. The interventors may be replaced or removed by those who have appointed them, complying with the provisions of this paragraph.

Article 64.- Interventors will have the following powers:

I.           Manage the notification and publication of the merchant contest statement;

II.          Request directly from the Merchant, the conciliator or the receiver the physical examination of any book, or document, as well as any other means of storage of data of the Merchant subject to the commercial contest, in respect of the questions that they may affect the interests of the creditors, being able to request copies at their expense of the supporting documentation and subject matter of the examination, which must be treated as confidential;

III.         Request directly from the Merchant, the conciliator or the liquidator for written information on the matters relating to the management of the Masa and the company, which in his judgment may affect the interests of the creditors, as well as the reports referred to in Article 59 of this Law, being able to request copies at their expense of the supporting documentation and subject matter of the consultation, which must be treated as confidential;

IV.         Fungir as an interlocutor of the creditors who have appointed him and other creditors who so request, in front of the Merchant, conciliator and liquidator, and

V.          The others that are set forth in this Act.

THIRD TITLE

From the effects of the mercantile contest statement

Chapter I

From suspending execution procedures

Article 65.- Since the merchant tender statement is issued and until the reconciliation stage is complete, no embargo or embargo commands can be executed. enforcement against the goods and rights of the trader.

Where the freezing or enforcement order is of a working nature, the suspension shall not have an effect as regards the provisions of paragraph A of the Article 123 of the Constitution and its regulatory provisions, considering the salaries of the two years prior to the trade contest; where it is of a fiscal nature, the provisions of Article 69 of this order shall be made.

Article 66.- The order of admission of the commercial tender application shall be among its purposes, irrespective of the other purposes of this Law, to ensure the rights that the Constitution, its regulatory provisions and this Law guarantee workers, for the purposes of their payment with the preference, to which such provisions and the fraction I of article 224 of this Law refer.

The business contest judgment will not be cause to interrupt the payment of the Merchant's ordinary labor obligations.

Article 67.- In the event that the labor authorities order the merchant's property embargo, to secure credit for the workers for wages and accrued wages in the preceding two years or by indemnities, who in terms of this Law is in charge of the administration of the merchant's business shall be the depositary of the assets seized.

As soon as the person who is in charge of the business administration of the Merchant covers or guarantees to the satisfaction of the labor authorities credits, the embargo must be lifted.

Article 68.- When in compliance with a work resolution that aims to protect the rights in favor of the workers to whom the Article 123 of the Constitution, its regulatory provisions and this Law, the competent labour authority orders the execution of a good member of the Masa, which in turn is the subject of a real guarantee, the conciliator may request the replacement of the said property by a security, satisfaction of the labour authority, which ensures compliance with the claim within 90 days.

Where substitution is not possible, the conciliator, performed the execution of the asset, shall register as credit against the Masa in favour of the creditor with a real guarantee that in question, the amount that is less than the amount of the credit that has been recognized and the value of the disposal of the property that has been executed for the purposes of the claims referred to in the preceding paragraph. In the event that the value of the guarantee is less than the amount of the credit recognised, the difference shall be considered as a common credit.

Article 69.- As of the trade contest judgment, the tax credits will continue to cause the corresponding updates, fines and accessories in accordance with the applicable provisions.

If an agreement is reached in terms of Title V of this Law, the fines and accessories that have been caused during the reconciliation stage will be cancelled.

The judgment of a commercial contest will not be cause to interrupt the payment of the tax or social security contributions ordinary of the Merchant, for being essential for the ordinary operation of the company.

From the commercial tender judgment and until the termination of the time limit for the conciliation stage, the administrative procedures of execution shall be suspended. of the tax credits. The competent tax authorities may continue the necessary acts for the determination and assurance of the tax credits by the trader.

Chapter II

From the separation of goods that are in the Merchant's possession

Article 70.- The goods in possession of the Merchant that are identifiable, the property of which has not been transferred to it by a definitive and irrevocable legal title, may be separated by their legitimate holders. The judge of the trade contest shall be competent to hear the action of separation.

Promoted the demand for separation, with the requirements laid down in Article 267 if the Merchant, the conciliator, or the interventors, the judge, do not oppose it order the separation of plane in favour of the complainant. In the event of opposition, the separatorship will continue to be processed in the incidental way.

Article 71.- The goods found in the following situations may be separated from the Mass, or any other of the same:

I.         Those who can be vindicated according to laws;

II.        The real estate sold to the trader, not paid by him, when the sale was not duly registered in the relevant public register;

III.       The furniture purchased in cash, if the trader has not paid the full price at the time of the trade declaration;

IV.      The movable or immovable property acquired by credit, if the default judgment clause in the payment has been entered in the corresponding public register;

V.       The value of any class issued in favour of the trader or which has been endorsed in favour of the trader, as payment of sales made on behalf of others, provided that it is proved that the obligations thus fulfilled come from them and that the no account has been taken of the current account between the trader and his principal;

VI.      The contributions withheld, collected or transferred by the Merchant on behalf of the tax authorities, and

VII.     Those held by the Merchant in any of the following assumptions:

a) Deposit, lease, usufruct, or that have been received in administration or consignment, if in this case the trade contest was declared prior to the buyer's demonstration to make the goods his own, or if the time limit has not elapsed to do so;

b) Commission for purchase, sale, transit, delivery or collection;

c) To deliver to a particular person on behalf of and on behalf of a third party or satisfy obligations that have been fulfilled at the Domicile of the Merchant;

Where the credit resulting from the referral has been affected to the payment of a letter of change, the legitimate holder of the change may obtain their separation.

d) The quantities in the name of the merchant for sales made by others. The separatist may also obtain the transfer of the corresponding right of credit, or

e) Affects a trust.

Article 72.- Regarding the existence or identity of the goods whose separation is requested, the following shall be taken into account:

I.      The separation actions shall only proceed when the goods are in possession of the Merchant from the time of the declaration of a commercial contest;

II.     If the goods perish after the declaration of a commercial contest and are insured, the separatist shall be entitled to obtain the payment of the compensation that is received or to subrogate himself to the rights to claim it;

III.    If the goods have been disposed of before the declaration of a trade contest, the price received by them cannot be separated; but if the payment has not been made, the separatist may subrogate himself to the rights against the third party. The purchaser, in his case, must submit to the Masa the surplus between what he will charge and the amount of his credit.

In the second case provided for in the preceding paragraph, the separatist may not appear as a creditor in the trade contest;

IV.    The goods that have been referred to, received in payment or changed by any legal title, equivalent to those that were separable, may be separated;

V.     The proof of identity may be made even if the goods have been deprived of their packaging, denodensed or partially disposed of, and

VI.    Provided that the separable goods have been given to third parties in good faith, the creditor may object to the delivery as long as the guaranteed obligation and the accessories to which he is entitled are not paid.

Article 73.- The separation shall be subordinate to that the separatist of compliance prior to the obligations that for the purpose of the goods has.

In cases of separation by the enajenante that has received part of the price, the separation will be conditional on the prior return of the part of the price received. The refund of the price shall be proportional to its total amount, in relation to the quantity or number of the separate goods.

The seller and the other separatists have a prior obligation to reintegrate everything that has been paid or to be granted for tax rights, transportation, commission, insurance, gross breakdown and storage costs of the goods.

Chapter III

From the Administration of the Merchant Company

Article 74.- During the reconciliation stage, the company's management will be responsible to the Merchant, except as provided in Article 81 of this Law.

Article 75.- When the Merchant continues with the administration of his company, he will carry out the ordinary operations including the necessary expenses for they and the conciliator shall monitor the accounting and all transactions carried out by the trader.

The conciliator will decide on the resolution of pending contracts and approve, after the auditors ' opinion, if they exist, the hiring of new credit, the provision or replacement of guarantees and the disposal of assets where they are not linked to the ordinary transaction of the trader. The conciliator must give the judge an account. Any objection will be substantially substantiated.

In case of replacement of guarantees, the conciliator shall have the prior written consent of the creditor concerned.

For the disposal of assets that are not related to the normal operation of the company, the conciliator shall be subject to the procedures (a) the general terms and conditions laid down in Articles 197, 198, 205 and 210 of this Law, in order to seek the best conditions for disposal in order to obtain a higher recovery value, without the need for the authorization of the judge.

Dealing with the hiring of indispensable credits to maintain the normal operation of the company and the necessary liquidity during the processing of the contest The conciliator shall define the guidelines on which the respective credit will be authorised, taking into account its preferential ranking under the terms of Article 224 of the Treaty. Law, including the constitution of guarantees that will result in from, if so requested from the Merchant.

The creditors with collateral on assets which, in the judgment of the judge before the proceedings of the contest, after reasoned opinion of the conciliator, are not Strictly necessary for the ordinary operation of the trader's undertaking, they may initiate or continue to carry out an execution procedure in accordance with the provisions applicable to them. These secured creditors shall be subject to the provisions of Article 227 of this Law.

Article 76.- For the purposes of the opinion referred to in the second paragraph of the previous article, the conciliator shall send the characteristics of the operation in question, in the formats for which the Institute is issued for such purposes.

The Interventors shall issue their opinion in writing to the conciliator within five days from the date on which the conciliator submits the proposal to be taken into consideration. The lack of timely response by the interventors will be understood as their acceptance.

The resolution of the financial controllers will be adopted by a majority of the credits they represent. For such purposes, it will not be necessary for the interventors to meet to vote.

This article will be applicable even if the conciliator has taken over the administration of the merchant company.

Article 77.- The conciliator, under its strictest responsibility, may refrain from requesting the opinion of the interventors for the disposal of a good in cases where the latter is perishable or considers that it may be exposed to a serious decrease in its price, or its preservation is costly in comparison with the utility it may generate for the Masa, and must inform the judge within the three days following the operation. Any objection will be substantially incidental.

Article 78.- When the conciliator has the management of the Merchant's business, he must always act as a diligent administrator in his own business, being liable for any loss or damage that the company suffers from its fault or negligence. The conciliator must also make the necessary steps to identify the goods owned by the Merchant declared in a commercial tender held by third parties.

Article 79.- The conciliator and the Merchant should consider the convenience of keeping the business in operation.

Notwithstanding the provisions of the preceding paragraph, where appropriate to avoid the growth of the liability or the deterioration of the Masa, the conciliator after the opinion of the If they exist, they may ask the judge to order the closure of the undertaking, which may be total or partial, temporary or final. The above will be substantial by the incidental route.

Article 80.- When the Merchant is in charge of the administration of your company, the conciliator will be empowered to convene the governing bodies when the considers necessary, to submit to its consideration and, where appropriate, approval of the matters it deems appropriate.

Article 81.- In case the conciliator considers that this is appropriate for the protection of the Masa, it may ask the judge to remove the Merchant from the management of your company. Upon admission of the application, the judge may take the measures he considers appropriate to preserve the integrity of the Masa. The removal of the Merchant shall be processed by the incidental route.

Article 82.- If the removal of the Merchant from the administration of his company is decreed, the conciliator will assume, in addition to his own, the powers and administration obligations that this Act attributes to the receiver for administration.

Article 83.- In the case referred to in the previous article and dealing with moral persons declared in a state of contest, the the powers of the bodies which, according to the law or the statutes of the undertaking, have competence to make determinations on the directors, directors or managers.

Chapter IV

Of the effects of acting in other trials

Article 84.- The actions promoted and the trials followed by the Merchant, and those promoted and followed against him, that are in the process of being dictated the judgment of the commercial contest, which have a patrimonial content, will not be accumulated to the commercial contest, but will be followed by the Merchant under the vigilance of the conciliator, for which, the Merchant must inform the conciliator of the the existence of the procedure, the day after it becomes known the designation of this.

Notwithstanding the foregoing paragraph, the conciliator may substitute the Merchant in the case provided for in Article 81 of this Law.

After the judgment of the trade contest, other procedures of patrimonial content against the Merchant may be initiated separately, the ones that will be dealt with by the competent authorities under the supervision of the conciliator, without the need for such judgments to be cumulated with the trade contest.

Article 85.- The conciliator shall not be brought in, nor shall it be replaced by the Merchant, in the trials relating exclusively to goods or rights whose administration and provision retain in the terms of Article 179 of this Act.

Chapter V

Of the effects in relation to the obligations of the Merchant

Section I

General Rule and Advance Due

Article 86.- With the exceptions outlined in this Law, the provisions on obligations and contracts, as well as the stipulations of the parts.

Article 87.- You will be without, except for the exceptions expressly provided in this Law, any contractual stipulation that the presentation of a request or a request for a trade contest, or of its declaration, make changes that aggravate the terms of the contracts for the trader.

Article 88.- For the purpose of determining the amount of the credits in charge of the Merchant, on the basis of the statement of the declaration of the contest mercantile:

I.      Your outstanding obligations will be met;

II.     With respect to the credits subject to suspensory condition, it will be considered as if the condition has not been realized;

III.    The credits subject to the resolutive condition shall be considered as if the condition has been made without the parties having to return the benefits received while the obligation has been subsistio;

IV.    The amount of the periodic or successive benefit claims shall be determined at their present value, taking into account the interest rate agreed or, in the absence thereof, that applied on the market in similar transactions taking into account the the currency or unit in question and, if this is not possible, interest at the legal rate;

V.     The lifetime income creditor shall have the right to be credited with the market replacement value or, failing that, at its present value calculated in accordance with commonly accepted practices;

VI.    Obligations that have an undetermined or uncertain amount, will require their valuation in money, and

VII.   Non-pecuniary obligations shall be valued in money; if the foregoing is not possible, the credit may not be recognised.

Article 89.- To the date the merchant contest statement is issued:

I.      The capital and the insolute financial accessories of the credits in national currency, without any real guarantee, will cease to cause interest and will be converted to UDIs using the effect the equivalence of these units that the Bank of Mexico. Credits that would have been originally denominated in UDIs will cease to cause interest;

II.     The capital and insolute financial accessories of foreign currency credits, without collateral, regardless of where they were originally agreed to be paid, will cease to cause interest and will be converted to national currency at the exchange rate determined by the Bank of Mexico to settle foreign currency bonds payable in the Mexican Republic. This amount will, in turn, be converted to UDIs in terms of the provisions of the previous fraction, and

III.    The real guarantee credits, irrespective of whether it was initially agreed that their payment would be in the Mexican Republic or abroad, will be maintained in the currency or unit in which they are denominated and will only cause the ordinary interests stipulated in the contracts, up to the value of the goods that guarantee them.

For the purposes of determining the participation of the creditors with collateral in the decisions that they have to take under this Law, the amount of their claims to the date of the declaration of the contest, it shall be converted to UDis in terms of the established for the credits without real guarantee in the fractions I and II of this article. Creditors with collateral shall participate as such in this amount, regardless of the value of their collateral, unless they decide to exercise the option provided for in the following paragraph.

When a creditor with collateral considers that the value of his or her collateral is less than the amount of the capital and accessories debit on the date of the tender declaration The Court may ask the judge to be regarded as a creditor with a real guarantee of the value which the creditor himself confers on him, and as a common creditor for the remainder. The value that the creditor gives to his guarantee will be converted into UDIs to the value of the date of declaration of the commercial contest. In this case, the creditor must expressly waive, in favor of the Masa, any surplus between the price that is obtained when the guarantee is executed and the value attributed to it, considering the value of the UDIs of the date the guarantee takes place execution.

Article 90.- As of the date the merchant tender statement is issued, they can only be compensated:

I.      The rights in favour and the obligations of the trader arising from the same operation and not being interrupted by virtue of the trade contest judgment;

II.     The rights in favour and the obligations of the trader who have expired before the judgment of the trade contest and whose compensation is provided for in the laws;

III.    The rights and obligations arising from the operations provided for in Articles 102 to 105 of this Law, and

IV.    The tax credits for and against the Merchant.

Section II

From Pending Contracts

Article 91.- The trade contest shall not affect the validity of contracts concluded on goods of a strictly personal nature, of a non-patrimonial nature or relating to goods or rights the administration and disposal of which is retained by the Merchant under the terms of Article 179 of this Law.

Article 92.- The contracts, preparatory or definitive, pending execution must be met by the Merchant, unless the conciliator objects so to come to the interests of the Masa.

He who has contracted with the Merchant shall have the right to be declared by the conciliator if he or she will oppose the performance of the contract. If the conciliator manifests that he will not object, the Merchant must comply or ensure compliance. If the conciliator knows that he or she will oppose, or does not answer within the twenty-day term, the one who has contracted with the Merchant may at any time terminate the contract by notifying the conciliator.

When the conciliator is in charge of the administration or authorizes the trader to execute pending contracts, he may avoid the separation of the goods, or in his demand their delivery, paying their price.

Article 93.- The seller may not be required to deliver the goods, furniture or buildings, which the Merchant has acquired, unless the price is paid or be guaranteed your payment.

The seller will be entitled to claim the goods if he made the delivery in compliance with a definitive contract that was not held in the form required by law. The claim shall not be made if the contract consists in a feisty manner and the trader, with the authorization of the conciliator, requires that the contract be given the legal form or in any other way the action of nullity is extinguished due to lack of form contract.

Article 94.- The seller of unpaid movable property, which upon entering the merchant contest are en route for material delivery to the merchant declared in trade contest, may object to delivery:

I.      Varying the consignment in the legally supported terms, or

II.     Stopping material delivery of the goods, even if they do not have the necessary documents to vary the consignment.

The opposition to the surrender will be substantial by the incidental route between the enajenante and the Merchant, with the intervention of the conciliator.

Article 95.- If the seller of a property is declared in a commercial tender, the buyer shall have the right to demand the delivery of the item after payment of the price, if the sale was perfected in accordance with applicable legal provisions.

Article 96.- The merchant declared in a commercial tender that has purchased a property from which the delivery has not yet been made, may not require the seller Please do not pay the price or guarantee your payment.

If the delivery was made only by virtue of a promise of sale, the seller may claim the item if the sales contract was not raised to public deed, where this requirement is legally required.

Article 97.- If the execution of the contract is decided and the payment of the price is subject to an unexpired term, the seller may require that his/her compliance.

Article 98.- If you are dealing with sales by deliveries, and some of them have been effected without having been paid, they must be paid, which will be a requirement for the effects of the compliance provided for in the previous article and the third paragraph of Article 92 of this Law.

Article 99.- However, the declaration of a mercantile contest of the enajenante of a piece of furniture, if the thing had been determined before said declaration, the acquirer may require the performance of the contract, after payment of the price.

Article 100.- The deposit, credit opening, commission and mandate contracts shall not be settled by the trade contest of one of the parties, unless the conciliator considers that they are to be terminated.

Article 101.- Current accounts shall be terminated in advance and shall be in a state of liquidation to require or cover their balances by virtue of the a declaration of a trade contest, unless the trader, with the consent of the conciliator, declares in a manner that he follows.

Article 102.- The merchant tender declaration will terminate the contracts of reported by the Merchant, under the following rules:

I.      When the trader has acted as a reporter, he must transmit to the report within a period not greater than 15 calendar days from the date of the declaration of the trade contest, the titles of the appropriate species against the reimbursement of the price plus the agreed prize payment;

II.     When the Merchant has acted as reported, the contract will be abandoned from the date of the declaration of a trade contest and the reporter may demand the payment of the differences which, if any, exist in his favor precisely in the date of the declaration of the trade contest, by means of the recognition of credits, keeping the trader the price of the operation and the reporter the property and free disposition of the titles object of the report, and

III The reporters concluded between the trader and his counterpart in a reciprocal manner, whether or not they are documented in framework or regulatory contracts, will be In advance, the date of the declaration of the trade contest, even if its due date is later than this, must be compensated in the terms of this Law.

In case there is no provision in the relevant conventions for the clearing and settlement of the benefits due, for the purpose of carrying out the compensation, the value of the securities shall be determined in accordance with their market value on the day of the declaration of the trade contest. In the absence of available and demonstrable market price, the conciliator may commission a third party experienced in the matter, the valuation of the securities.

The balance that, if any, is generated by the Merchant by virtue of the anticipated maturity, may be required by credit recognition. In the event that credit is generated in favour of the Merchant, the counterparty shall deliver that balance to the Masa within a period not greater than thirty calendar days from the date of the declaration of a trade contest.

Article 103.- The securities lending operations held by the Merchant that are guaranteed with national currency will be subject to the same rules that the reporters.

The loan operations of securities held by the Merchant that are guaranteed with securities in national currency will be subject to the provisions of the Section III of the previous article.

Article 104.- The differential or future contracts and the derivative financial transactions, which expire after the declaration of a commercial tender, shall be terminated in advance on the date of the declaration of a trade contest. These contracts and operations shall be compensated in the terms of this Act.

In case there is no provision in the relevant conventions for the clearing and settlement of the benefits due, for the purpose of carrying out the compensation, the value of the underlying assets or obligations shall be determined in accordance with their market value on the day of the declaration of the trade contest. In the absence of available and demonstrable market value, the conciliator may commission a third party, experienced in the matter, the valuation of the goods or obligations.

The credit that, if any, is generated against the Merchant, will be required by the recognition of credits. In the event that the anticipated maturity referred to in this article generates a balance in charge of the trader, the trader must deliver it to the Masa within a maximum period of thirty calendar days from the date of the declaration of a trade contest.

For the purposes of this Law, financial transactions shall be understood to mean those in which the parties are obliged to pay money or to comply with other financial transactions. obligations to give, which have a good or market value as an underlying, as well as any agreement that, by means of general rules, points to the Bank of Mexico.

Article 105.- You must compensate or apply to the payment, as applicable, and shall be payable in the terms agreed upon or as stated in this Law, on the date of declaration of the trade contest, the debts and claims, and where appropriate, the respective guarantees where it has been agreed that they are transferred in property to the creditor resulting from framework, regulatory or specific conventions for the conclusion of Derivative financial transactions, transactions reported, securities lending transactions, futures transactions or other equivalent transactions, as well as any other legal acts in which a person is a debtor of another, and at the same time as the creditor of another person, that may be reduced to numerary, even if the debts or claims are not liquid and payable on the date of the declaration of the trade contest but which, in the terms of those conventions or of this Law, can be made liquid and enforceable.

The provisions of this article shall be applicable notwithstanding the provisions of Article 92 of this Law, and even if the compensation is made within the period to which refers to Article 112 of this order, unless it is established that the convention or conventions which gave rise to the compensation were concluded or amended to give preference to one or more creditors.

The debtor balance which, if any, results from the compensation permitted by this item by the trader, may be required by the corresponding counterparty by means of the recognition of credits. If a creditor balance is to be found in favour of the trader, the counterparty shall be obliged to deliver it to the conciliator for the benefit of the Masa, within a period not longer than 30 calendar days, from the date of the declaration of the tender mercantile.

Article 106.- The landlord's merchant contest does not resolve the lease of real estate.

The tenant's merchant contest does not resolve the real estate lease. Notwithstanding the foregoing, the conciliator may choose to terminate the contract in which case the compensation agreed in the contract must be paid to the lessor for this case or, failing that, an indemnity equivalent to three months ' rent, for the anticipated maturity.

Article 107.- Contracts for the provision of services, of a strictly personal nature, in favour of or in charge of the Merchant declared in a commercial tender, shall be resolved and shall be agreed between the parties.

Article 108.- The flat-rate work contract shall be settled by the trade contest of one of the parties, unless the trader, with the authorization of the conciliator, agrees with the other contractor on the performance of the contract.

Article 109.- The insured's commercial tender does not terminate the insurance contract if the insured object is immovable; but if it is movable, the insurer may Terminate it.

If the conciliator does not inform the insurer of the declaration of a commercial tender within the period of thirty calendar days from its date, the contract of insurance will be terminated from this one.

Article 110.- In life or mixed insurance contracts, the Merchant, with the authorization of the conciliator, may decide to transfer the insurance policy and to obtain the reduction of the insured capital, in proportion to the premiums already paid on the basis of the calculations which the insurance undertaking has considered to make the contract and taking into account the risks incurred by it. Similarly, you can do any other operation that means an economic benefit to the Masa.

Article 111.- The trade contest of a partner of a company on behalf of a collective or limited liability, or of the comanditado of one in simple or by actions, entitles them to seek their liquidation on the basis of the last social balance sheet, or to continue in the company, if the conciliator gives his consent, provided that the other partners do not prefer to exercise the right of partial liquidation of the company, unless otherwise provided for in the statutes.

Chapter VI

From Acts in Creditor Fraud

Article 112.- For the effects of the provisions of this Chapter shall be understood by the date of retroactive effect, the day two hundred and seventy natural immediately preceding the date of the judgment of the trade contest.

Where there are subordinate creditors referred to in Article 222 Bis (II), including the persons referred to in Articles 15, Part I, and 117, fraction II, irrespective of whether the credit has been granted or not with collateral, the period referred to in the preceding paragraph shall be twice as long as the acts in which those creditors are involved are concerned. subordinates.

The judge, at the request of the conciliator, of the liquidator, of the financial controller or of any creditor, may establish as a date of retrospection an earlier date than the the two preceding paragraphs, without which it may exceed 3 years, provided that such applications are submitted in advance of the judgment of recognition, graduation and ranking of claims. The above will be substantial by the incidental route.

For the change of the date of feedback provided for in the preceding paragraph, the applicant shall be required to relate a number of facts which may be covered by the any of the assumptions set out in Articles 114 to 117 of this Law, providing the documentation to which it counts; in the understanding that it is not necessary to demonstrate in the respective incident, to make the modification of the date of retroactive, the existence of acts in the fraud of creditors.

The sentence that modifies the date of the backaction will be published by the Judicial Bulletin or, where appropriate, by the court's stradings.

Article 113.- All acts in creditor fraud shall be ineffective against the Masa.

It is acts in fraud of creditors that the Merchant has made before the declaration of a commercial contest, defrauding the creditors knowingly if the third one that intervened in the act was aware of this fraud.

This last requirement will not be required in the free character acts.

Article 113 Bis.- Dealing with acts in the fraud of creditors, the action of liability to indemnify the damages to which the Article 270 Bis-1 of this Law, may be exercised, in addition to the persons mentioned in that article, by the following persons:

I.           For the fifth part of the Recognised Creditors;

II.          Recognised creditors representing, as a whole, at least twenty per cent of the total amount of the credits recognised

or

III.         The Interventors that have been designated in the business contest.

The above is without prejudice to any other civil or criminal liability actions that proceed in terms of applicable laws.

Article 114.- They are acts in creditor fraud, the following, as long as they have been carried out from the date of feedback:

I.      Acts for free title;

II.     The acts and enajenations in which the trader pays for a value of a higher value or receives a value which is significantly lower than the performance of his counterparty;

III.    The operations carried out by the trader in respect of which conditions or terms have been agreed which significantly deviate from the conditions prevailing on the market in which they were held, on the date of their conclusion, or of commercial uses or practices;

IV.    The debt referrals made by the Merchant;

V.     Payments of non-expired obligations made by the Merchant, and

VI.    The discount to be considered by the Merchant from its own effects after the date of retroactive payment.

The declaration of ineffectiveness will not proceed when the Masa takes advantage of payments made to the Merchant.

If third parties return what they have received from the Merchant, they may request recognition of their credits.

Article 115.- Acts in creditor fraud are presumed, if performed from the date of feedback, unless the person concerned proves his or her good faith:

I.      The granting of guarantees or increase of the existing ones, where the original obligation did not provide for such guarantee or increase, and

II.     Payment of debts made in kind, when this is different from the originally agreed upon or, when the agreed consideration has been in money.

Article 116.- In the event that the Merchant is a natural person, acts are presumed in creditor fraud, if they are performed from the date of Retroaction, unless the person concerned proves his good faith, the operations against the Masa carried out with the following persons:

I.      Your spouse, concubine or concubinaire, relatives by consanguinity up to the fourth degree, or until the second if the kinship is by affinity, as well as relatives by civil kinship, or

II.     moral persons, in which the persons referred to in the preceding section or the trader himself are administrators or are members of the board of directors, or jointly or separately, directly or indirectly, to maintain the ownership of rights that allow voting on more than fifty percent of the capital, have decision-making power in their assemblies, are likely to appoint the majority of the members of their administrative organ or by any other means have the power to take the fundamental decisions of such persons moral.

Article 117.- In case of merchants who are moral persons acts in fraud of creditors are presumed, if they are made from the date of retroactive, except the person concerned to prove his or her good faith, the operations against the Masa carried out with the following persons:

I.           The administrator, members of the administrative board or relevant employees of the Merchant or of the moral persons identified in the following fraction IV, in accordance with the provisions of Article 270 Bis, or with the spouse, concubine or concubinaire, relatives by consanguinity up to the fourth grade, or up to the second if the kinship is by affinity, as well as relatives by civil parentage of the aforementioned persons;

II.          Those natural persons who jointly or separately, directly or indirectly, maintain the ownership of rights to exercise the vote in respect of more than fifty percent of the capital of the Merchant subject to competition (a) a commercial or legal person referred to in the following section IV, having a decision-making power in his or her assemblies, being able to appoint the majority of the members of his or her administrative body or of any other means having powers of to take the fundamental decisions of the trader subject to competition;

III.         Those moral persons in which the administrators, members of the board of directors or relevant managers are matched with those of the merchant subject to a commercial tender, and

IV.         Those moral persons, directly or indirectly, controlled by the Merchant, who exercise control over the latter, or who are controlled by the same company that controls the Merchant.

Article 118.- He who has acquired in bad faith things in the fraud of creditors, will answer to the Mass for the damages that it causes, when the has passed to a bona fide acquirer or has been lost.

The same responsibility falls on him who, in order to avoid the effects of the ineffectiveness that would cause the fraud of creditors, has destroyed or concealed the goods of the same.

Article 119.- When the return to the Masa of any object or quantity is resolved, it is understood even if it is not expressed, that its products must also be returned liquids or interests corresponding to the time when the thing or money was enjoyed. For the purposes of the calculation of the liquid or interest products shall be either originally agreed between the parties or, failing that, the legal interest shall be considered.

TITLE FOURTH

From Credit Recognition

Chapter I

From operations for recognition

Article 120.- For the performance of the functions attributed to you by this Title, the conciliator will remain in charge regardless of whether the reconciliation is terminated.

Article 121.- Within thirty calendar days following the date of publication of the trade contest judgment in the Official Journal, the The conciliator shall submit to the judge a provisional list of credits by the Merchant in the format determined by the Institute. This list must be drawn up on the basis of the trader's accounts; the other documents permitting the determination of his liability; the information which the trader himself and his staff will be required to provide to the conciliator and, in his (a) the information provided for in the opinion of the visitor and for applications for the recognition of claims submitted.

Article 122.- Creditors may request recognition of their claims:

I. Within twenty calendar days of the date of publication of the trade contest judgment in the Official Journal of the Federation;

II. Within the deadline to raise objections to the provisional list referred to in Article 129 of this Law, and

III.    Within the time limit for the appeal of the appeal to the judgment of recognition, graduation and ranking of credits.

After the deadline for fraction III, no credit recognition may be required.

In the case of collective claims, in order to submit applications for credit recognition, it is sufficient that the common representative of the creditors appears before the (a) a conciliator or receiver to request the respective recognition, but any creditor of the collective credit shall be entitled to appear on an individual basis to request the recognition of the respective credit. In the latter case, the amount recognised in the individual to the creditor shall be deducted from that credit.

Article 123.- The conciliator will include in the provisional list that you formulate, those credits that you can determine based on the information referred to in the Article 121, in the amount, degree and priority to which it corresponds in accordance with this Law, however the creditor has not applied for the recognition of his credit. It shall also include those claims whose ownership has been transmitted up to that point in terms of the provisions of Article 144 of this Law.

Article 124.- The amount of tax credits may be determined at any time in accordance with the applicable provisions.

The conciliator must accompany the credit recognition lists, all the tax credits that are notified to the Merchant by the tax authorities with the indication, where appropriate, that those authorities may continue with the appropriate verification procedures.

The conciliator must also accompany credit recognition lists, labor credits.

Article 125.- Credit recognition requests must be submitted to the conciliator and contain the following:

I.      The full name and address of the creditor;

II.     The amount of the claim which it considers to be against and, where appropriate, in favour of the trader;

III.    The guarantees, conditions, terms and other characteristics of the credit, including the type of document evidencing the credit;

IV.    The degree and ranking that the applicant's judgment and in accordance with the provisions of this Law correspond to the credit whose recognition it requests, and

V.     The data identifying, where appropriate, any administrative, labour, judicial or arbitral proceedings which have been initiated and which relate to the credit in question.

The application for credit recognition must be signed by the creditor in the formats determined by the Institute and must be accompanied by the original documents on which the applicant or certified copy of the applicant is based. If they do not work in their possession, they must indicate where they are and prove that they have started the procedures to obtain them.

The creditor must designate an address to hear and receive notifications within the jurisdiction of the judge or, at its expense and under his or her responsibility, may indicate a communication alternative to be notified such as fax or e-mail. In the event of the omission of this requirement, the notifications that correspond to it, even those of a personal nature, will be made in the courts of the court. In this case, the conciliator will make his communications through the judge.

Article 126.- When the spouse, concubine or concubinaire of the Merchant declared in a commercial contest has against this credit for onerous contracts or By payment of debts of the Merchant it shall be presumed, unless proof to the contrary, that the credits have been constituted and that the debts have been paid with goods of the Merchant, so that the spouse, concubine or concubinaire cannot be considered as creditor.

Article 127.- When in a different procedure you have issued an enforceable judgment, a work award, a firm administrative decision or an arbitration award prior to the date of retroactive application, by which the existence of a right of credit against the trader is declared, the creditor in question shall submit to the judge and the conciliator a certified copy of that decision.

The judge must acknowledge the credit in the terms of such resolutions, by including them in the judgment of recognition, graduation and prelation of credits.

Article 128.- On the provisional list of credits the conciliator must include, in respect of each credit, the following information:

I.      The full name and address of the creditor;

II.     The amount of the credit that it considers should be recognised, in accordance with the terms laid down in Article 89;

III.    The guarantees, conditions, terms and other characteristics of the credit, including the type of document evidencing the credit, and

IV.    The degree and ranking that in accordance with the provisions of this Law, it deems appropriate to the credit.

The conciliator must integrate the provisional list of credits, a relationship in which he expresses, with respect to each credit, the reasons and the causes in which he supports his proposal, justifying the differences which, where appropriate, exist with respect to the records of the trader's accounts or the claims made by the creditor. It should also include a reasoned list of the appropriations it proposes not to recognise.

The conciliator shall accompany the provisional list of appropriations for those documents which it considers to have served as a basis for its formulation, which shall form part of the part of the same or indicate where they are located.

Article 129.- Once the conciliator submits to the judge the provisional list of credits, it will put it in the view of the Merchant and the creditors to within the term of the term of five days, they submit in writing to the conciliator, through the judge, their objections, accompanied by the documents they deem relevant, which shall be made available to the conciliator through the judge, to the the following day of their receipt.

Article 130.- The conciliator shall have an unextendable period of ten days from the date of the expiry of the period referred to in the Article prior to the formulation and presentation to the judge of the final list of credit recognition, which it shall draw up on the basis of the provisional list of claims and on the objections raised against it and where it is include in the terms approved in the judgment that the appropriations are judged in respect of which the existence of a final judgment is known, as well as the tax and labour credits which until that period have been notified to the trader, in addition to all the additional applications submitted subsequently the drawing up of the provisional list of appropriations.

If the conciliator omits the presentation of the final list at the expiration of the time limit referred to in the preceding paragraph, the judge will dictate the award measures that will be necessary to the effect and, if not present in five more days, will ask the Institute to appoint a new conciliator.

Article 131.- The conciliator will not be responsible for any errors or omissions that appear in the definitive list of credits recognition, origin of the lack of registration of the credit or any other error in the accounting of the trader, and which could have been avoided by the application for credit recognition or with the formulation of objections to the provisional list.

Article 132.- After the period referred to in Article 130 of this Law, the judge shall, within five days, dictate the judgment of recognition, graduation and ranking of credits taking into consideration the final list presented by the conciliator, as well as all the documents that have been attached to it.

Article 133.- The judge, the next day that he gives judgment of recognition, graduation and ranking of credits, will notify the Merchant, the Creditors Recognized, to the interventors, to the conciliator and to the Public Ministry through publication in the Judicial Bulletin or by the courts of the court.

Article 134.- Interrumpen the prescription of the credit in question:

I.      The application for credit recognition even if it does not comply with the requirements set out in Article 125 of this order or is presented in an extemporaneous manner;

II.     The objections that are made in writing to the provisional list;

III.    The judgment of recognition, graduation and prelation in respect of the credits included in it, or

IV.    The appeal against the credits whose recognition is requested.

Chapter II

From the appeal of the statement of recognition, graduation, and ranking of credits

Article 135.- Against the statement of recognition, graduation, and ranking of credits proceeds the appeal. Such an appeal shall be admissible only in return.

Article 136.- They may appeal to the judgment of recognition, graduation, and ranking of credits by themselves or through their representatives, the Merchant, any creditor, the financial controller, the conciliator or, where appropriate, the liquidator, or the Public Ministry of the contest.

The above, regardless of whether the creditor has refrained from applying for credit recognition or to make any objection to the list provisional.

Article 137.- The appeal must be brought before the judge itself, within nine days of the date of the notification of the statement of recognition, graduation and ranking of credits.

Article 138.- In the same document through which the appeal is filed, the appellant must make the expression of grievances, offer proof and point out the constances to be included in the respective testimony. In the event of failure to comply with the latter requirement, the judge shall dismiss the action.

Article 139.- In the order in which the appeal is admitted, the judge will send the appeal to the appellant's counterparts so that, within the nine days following the notification, answer what is at your right. In that letter the appellant's counterpart shall provide evidence.

When responding to the complaints, the appealed party may point to additional constances of the file, otherwise it shall be understood to be in accordance with those identified by the Appellant.

Article 140.- The day after the deadline for answering grievances, as referred to in the previous article, with or without an aggrieved response, the judge shall forward to the court of appeal the original writings of the appellant, of the other parties where appropriate, as well as the testimony of constances, in addition to those which he considers necessary.

Article 141.- Received the writings and the testimony of constances, without further processing, the court of justice will decide on the admission of the resource.

Article 142.- Within ten days of the admission of the appeal, the court of law shall cite the parties to the hearing of evidence and formulation of pleadings. The hearing may only be delayed for once and in all cases shall be removed no later than 30 calendar days after the date originally set.

The hearing will be dismissed by the high court for sentencing and will resolve the appeal within five days.

Article 143.- Creditors who have not been recognized in the judgment of recognition, graduation and prelation of credits and interpose the appeal, they will only be able to exercise the rights that this Law confers on the Recognized Creditors, until the existence of enforceable resolution that ascribes to them that quality.

Article 144.- In the event that a creditor transmits the ownership of its claims by any means, it shall, like the acquirer, notify the transmission and its characteristics to the conciliator, in the formats determined by the Institute. The conciliator shall make the notification public, in accordance with the provisions to be issued by the Institute.

TITLE FIFTH

From the reconciliation

Single Chapter

From the adoption of the convention

Article 145.- The reconciliation stage will last one hundred and eighty-five calendar days, counted from the day the last publication is made in the Official Journal of the Federation of the trade contest statement.

The conciliator or the Recognized Creditors representing more than fifty percent of the total amount of the credits recognized, may ask the judge for an extension of up to 90 calendar days from the date of the end of the period referred to in the preceding paragraph, where they consider that the conclusion of an agreement is likely to occur.

the Merchant and the Recognized Creditors representing at least seventy five percent of the total amount of the credits recognized, may request the judge an extension of up to 90 calendar days more than the extension referred to in the preceding paragraph.

In no case shall the period of the conciliation stage and its extension exceed three hundred and sixty-five calendar days from the date on which it was performed the last publication of the merchant contest statement in the Official Journal of the Federation.

The initial period and, where appropriate, the period of the extension, the judge shall only lift the corresponding certification by stating in the same termination of the conciliation stage and, where appropriate, of its extension, and the merchant in commercial competition shall be considered to be in a state of bankruptcy.

The time limits for the approval of the agreement fall within the conciliation stage and its extension, not being able to extend over the intended term in this article.

Article 146.- Within five days of receipt of the notification of the trade contest judgment, the Institute shall designate, in accordance with the a previously established random procedure, a conciliator for the performance of the functions provided for in this Law, unless you are already in one of the situations referred to in Article 147.

Article 147.- The conciliator designated in terms of the above article may be replaced when:

I.      The Merchant and the Recognized Creditors representing at least half of the total amount recognized, request the Institute through the judge, the replacement of the conciliator by the one they propose in a reasoned manner between the registered with the Institute.

The Institute shall proceed to the appointment of the proposed new conciliator provided that the judge certifies the existence of the required majority of the Recognised Creditors and the Merchant's Consent;

II.     The Merchant and a group of Recognised Creditors representing at least half of the total amount recognised are appointed by common agreement to a natural or moral person who is not on the Institute's register and who wishes to serve as a conciliator, in which case they shall agree to their fees. The subordinated creditors referred to in Article 222 Bis (II), including the persons referred to in Articles 15, fraction I, and 117, fraction II, shall not participate in the vote to which this fraction refers.

In such a case, the Judge will make it of the knowledge of the Institute the next day, leaving without effect the designation made by the Institute. The conciliator thus appointed shall assume all the rights and obligations that this Law attributes to the conciliators of the Institute.

In the case of the commercial contest with a prior restructure plan, the Merchant and the creditors referred to in Article 339 (II) of this Law may designate by common agreement to a natural or moral person who is not on the register of the Institute and who wishes to serve as a conciliator, agreeing with him/her fees.

In case of replacement of the conciliator, the replacement must provide the substitute with all the support necessary to take possession of his order, and will give him a report the status of the reconciliation, as well as all the information on the Merchant that he has obtained in the performance of his/her duties.

Article 148.- The conciliator shall ensure that the Merchant and its Recognized Creditors come to an agreement in the terms of this Law.

Article 149.- The conciliator within three days of his appointment shall make the knowledge of the creditors his appointment and point out a domicile, within the jurisdiction of the judge who is familiar with the business contest, for the fulfilment of the obligations imposed on him by this Law.

The conciliator may meet with the Merchant and with the creditors it deems appropriate and with those who so request, either jointly or separately and communicate with them in any way.

Article 150.- The Merchant shall be obliged to cooperate with the conciliator and to provide the conciliator with the information deemed necessary for the performance of his/her functions.

The conciliator may request the judge to terminate the reconciliation stage in advance when it considers the lack of disposition of the Merchant or its creditors. to sign an agreement in terms of this Law or the impossibility of doing so. The conciliator shall take into consideration whether the trader has failed to comply with an agreement which has terminated an earlier trade contest. The conciliator's request shall be substantial in the incidental way and shall reason for the reasons that prompted it.

Article 151.- The conciliator will recommend the carrying out of the studies and endorsements that it deems necessary for the achievement of an agreement, putting them, by a judge's conduct, at the disposal of creditors and traders with the exception of such information as is confidential in terms of the applicable provisions.

Article 152.- The Merchant may conclude agreements with the workers provided that they do not aggravate the terms of the obligations of the Merchant, or ask the tax authorities to grant or grant authorisations in the terms of the applicable provisions.

The terms of the agreements with the workers and the resolutions of authorizations or donations concerning the payment of the tax obligations shall be included in the convention which, where appropriate, is concluded in accordance with this Title.

Article 153.- The agreement shall consider the payment of the credits provided for in Article 224 of this Law, of the singularly privileged credits, and of the which corresponds, in accordance with their respective guarantees and privileges, to the loans with collateral and with special privilege that the agreement has not subscribed to.

The agreement must provide sufficient reserves for the payment of any differences that may result from the challenges that are pending to be resolved. tax credits to be determined.

In the case of tax obligations, the agreement shall include the payment of such obligations in the terms of the applicable provisions; their non-compliance shall be to the appropriate administrative execution procedure.

Any Recognised Creditor, who subscribes to the convention referred to in this Article, may provide for the total or partial extinction of his claims, his or her subordination or some other form of particular treatment which is less favourable than the treatment given to the generality of creditors of the same degree, provided that it expressly states the consent of the same degree.

Article 154.- The particular conventions between the Merchant and any of its creditors concluded on the basis of the declaration of competition shall be void. mercantile. The creditor who celebrates them will lose their rights in the business contest.

Article 155.- In the event that an increase in social capital is agreed upon in the proposed agreement, the conciliator must inform the judge to notify the partners for the purpose that they may exercise their right of preference within the 15 calendar days following their notification. If this right is not exercised within the prescribed period, the judge may authorize the increase of social capital in the terms of the agreement proposed by the conciliator.

Article 156.- The agreement may be signed by all Recognized Creditors with the exception of creditors for tax and labor credits in connection with the Article 123, paragraph A, section XXIII, and this Law.

To subscribe to the agreement, it will not be necessary for the creditors to meet to vote.

Article 157.- To be effective, the agreement must be signed by the Merchant and its Recognized Creditors representing more than fifty percent of the sum of:

I.      The amount recognized to all of the Common and Subordinate Recognized Creditors, and

II.     The amount recognized to those Recognized Creditors with real guarantee or special privilege to subscribe to the agreement.

In cases where the Merchant has Recognised Creditors under the terms of Article 222 (II) of the Treaty, including persons who are refer to Articles 15, fraction I and 117, fraction II, representing at least twenty-five per cent of the total recognised amount of the appropriations referred to in paragraphs I and II of this Article, individually or jointly; for the Convention to be effective it must be subscribed by the Recognised Creditors representing at least 50% of the total sum of the amount of the credits recognised as referred to in Sections I and II of this Article, excluding the amount of the claims in favour of the creditors subordinated to the with regard to Article 222 Bis (II), including the persons referred to in Articles 15, fraction I and 117, fraction II.

The provisions of the preceding paragraph shall not apply in the event of the Recognised Creditors referred to in Article 222 (II) Bis, including persons referred to in Articles 15, fraction I, and 117, fraction II, are in accordance with the terms of the agreement entered into by the remaining Recognised Creditors, in which case the percentage referred to in the first subparagraph shall prevail. of this article.

Article 158.- The convention shall be deemed to have been subscribed by all of those Common Recognized Creditors, without any manifestation being admitted, when the the convention provides for the following of its claims:

I.      The payment of the debit which was due to the date on which the judgment of the commercial contest took effect, converted to UDIs to the value of the day of the judgment of the commercial contest;

II.     The payment of all the quantities and accessories that would have been made payable under the current contract, from the date of the judgment of the trade contest declaration, to the date of approval of the agreement, if the Commercial competition and assuming that the amount referred to in the previous fraction would have been paid on the day of the business contest. These amounts shall be converted into UDIs to the value of the date on which each payment would have been made, and

III.    The payment, on the dates, for the agreed amounts and denomination, of the obligations which, according to the respective contract, are made payable from the approval of the agreement, assuming that the amount referred to in the fraction I is would have paid on the day of the trade contest judgment and that the payments referred to in section II would have been made at the time they were due.

The payments referred to in Sections I and II of this Article shall be made within 30 working days following the approval of the Convention, considering the value of the UDIs of the day on which the payment is made.

The credits that receive the treatment referred to in this article will be considered to be current from the date of approval of the agreement.

Article 159.- The convention may only stipulate for Common Recognized Creditors that the following shall not be subscribed to:

I.      A wait, with the capitalization of ordinary interests, with a maximum duration equal to the least of the common recognized creditors who have signed the agreement and who represent at least thirty percent of the amount recognized corresponding to that grade;

II.     A loss of principal balance and accrued interest not paid, equal to the lesser of the common recognized creditors who have signed the agreement and who represent at least thirty percent of the recognized amount corresponding to the that grade, or

III.    A combination of remove and wait, provided that the terms are identical to those accepted by at least thirty percent of the amount recognized to the Common Recognized Creditors who entered into the agreement.

In the agreement, it may be stipulated that the credits remain in the currency, unit of value or denomination, in which they were originally agreed.

Article 160.- Those Recognized Creditors with collateral that have not participated in the agreement that is subscribed, will be able to start or continue with the execution of their guarantees, unless the agreement provides for the payment of their claims in the terms of Article 158 of this Law, or the payment of the value of their guarantees. In the latter case, any surplus of the recognised debit with respect to the value of the guarantee shall be considered as common credit and shall be subject to the provisions of the previous Article.

Article 161.- The Merchant or the conciliator, once you consider that you have the favourable opinion of that and of the majority of Recognised Creditors necessary for the approval of the proposal for a convention, shall put it in the view of the Recognised Creditors for a period of 15 days to give their opinion on the proposal and, where appropriate, to subscribe to the Convention.

Without prejudice to the following immediate paragraph, the Merchant or the conciliator, as the case may be, shall attach to the proposed Convention, a summary of the same, containing its main characteristics expressed in a clear and orderly manner. Both the proposal for a convention and its summary must be displayed in the formats of the Institute.

During the period laid down in the first paragraph of this article, the Merchant shall have the obligation, at the request of the conciliator or any of the Creditors Recognized, to provide documentation and information that may be required by those to approve the proposed convention.

After a period of ten days from the expiry of the period provided for in the first paragraph of this article, the conciliator shall submit to the judge the duly subscribed by the Merchant and at least the required majority of Recognised Creditors. The presentation shall be made in the terms set out in the second paragraph of this article.

Article 161 Bis.- In the case of collective credits whose securities or instruments have been issued through the stock market, and in the absence of rules specific provisions, contracts, instruments or documents which govern them, the holders of collective claims by the trader, may agree on a procedure of their own to determine the mechanisms through which they are shall vote for the subscription of the convention or, failing that, to be subject to Next regime:

I.           Where the common representative of the holders of the instruments or securities concerned is aware of the existence of the proposed convention referred to in the previous Article, he shall convene a general assembly of the holders, so that within the 15-day term the assembly will be held and subject to discussion and approval or rejection, the proposal of a convention, or in its case, for the veto of the already signed convention;

II.          For the purposes of the approval or rejection of the proposed convention or, where appropriate, for the veto of the agreement already signed, it will be required that it be represented in the assembly at least seventy-five percent of the amount of the issue, and the decisions are approved by at least the majority of the votes in the assembly.

The call for the assembly of forks will be published once in the Journal Official of the Federation and in any of the newspapers of greater circulation of the address of the Merchant Issuer, ten days in advance, at least, to the date when the assembly is to meet;

III.         The common representative of the holders shall be the only one empowered to communicate to the conciliator, the liquidator or the judge himself, the resolutions adopted at the general assembly of the holders and, where appropriate, to sign the agreement executing the resolutions and forcing all the holders of the instruments or securities with their signature;

IV.         In the event that no assembly has been convened by the common representative of the holders or that the quorum necessary for sessioning referred to in the preceding section II of this Article has not been met, any holder of the instruments or securities may appear in the Merchant's trade contest to demonstrate in respect of the proposed convention and, where appropriate, to subscribe to it;

V.          For the case of collective credits by the Merchant issued abroad or subject to foreign law, the procedure must be in place to adopt resolutions that have been agreed upon, being applicable, in the conduct, as set out in this article;

VI.         The individual shares of the holders shall not be brought when the same object is in progress or an action of the common representative or similar or similar figure is promoted, or where such actions are incompatible with any other resolution duly approved by the general assembly of forks.

Article 161 Bis 1.- In the case of collective credits other than those mentioned in the previous article and in the absence of specific rules in the provisions, contracts, instruments or documents which govern them, the holders of such claims may be subject to the procedure referred to in the preceding Article, or agree on a procedure of their own to determine the mechanisms through which the which will vote for the convention subscription.

Article 162.- The judge the day after the convention is presented to you and your summary for approval, you must put them in the view of the Recognized Creditors. for the term of five days, so that, where appropriate:

I.      Submit any objections that you consider relevant to the authenticity of the expression of your consent, and

II.     The right of veto as referred to in the following Article shall be exercised.

Article 163.- The convention may be vetoed by the Common Recognized Creditors who have not subscribed to the Convention, whose recognized credits represent together more than fifty percent of the total amount of the credits recognised to those creditors.

They may not exercise the veto of the common recognized creditors who have not signed the agreement if the payment of their credits is provided for in the terms of Article 158 of this order.

Article 164.- After the deadline referred to in Article 162 of this Law, the judge will verify that the proposed convention brings together all the requirements laid down in this Chapter and does not contravene provisions of public order. In this case the judge will dictate the resolution approving the convention.

Article 165.- The agreement approved by the judge will force:

I.           To The Merchant;

II.          To all Common Recognized Creditors;

II Bis.   To all Recognised Subordinate Creditors;

III.         To the Recognised Creditors with collateral or special privilege who have subscribed to it, and

IV.         To the Recognized Creditors with real guarantee or special privilege for which the agreement has provided for the payment of their claims in the terms of Article 158 of this Law.

The subscription of the agreement by the Recognized Creditors with collateral, real or personal, or with special privilege, does not imply the waiver of their guarantees or privileges, so they will remain to guarantee payment of the credits in their favor in the terms of the agreement.

dealing with collective claims with collateral, this can only be executed when that action comes from or is the result of the decision taken by a majority required by the provisions governing or the documents to be made by those collective claims and, in the absence of a provision in this respect, in the general assembly of creditors in accordance with Article 161 Bis 1 of the Law.

Article 166.- With the approval of the agreement, the trade contest will be terminated and, consequently, the agreement and the judgment that the approve, shall constitute the only document governing the obligations of the trader in respect of the recognised claims.

All waiting, removal, remission and any other benefit which the said convention and the judgment approving it establishes in favor of the Merchant will only be understood This is not the case, and not for the obligors, guarantors, guarantor and other co-debtors, co-obligors and guarantors of the Merchant, unless the creditor of the recognized credit is given the express consent.

Likewise, with the judgment the organs of the commercial contest will cease in their functions. For that purpose, the judge shall order the conciliator to cancel the entries which have been made in the public registers on the occasion of the trade contest.

Article 166 Bis.- Only in exceptional cases, when a change of circumstances affecting in a serious manner the compliance of the agreement concluded in In terms of Title V of the Law, with the purpose of satisfying the needs of conservation of the company, the action of modification of convention will proceed, that it must be promoted before the own judge that has met the commercial contest of which it has derived the convention in question. The claim must be jointly promoted by the Merchant and those Recognized Creditors who are sufficient to reach the majorities referred to in Article 157 of the Law.

The judge shall notify the complaint to whom he has served as a conciliator, to express his opinion regarding the proposed amendment and for the proper safeguard of the rights of all Recognised Creditors and without prejudice to the right of any of them to object to the exception of res judicata in relation to any substantial fact which cannot be unknown in the resolution of amendment of a convention which will come to dictate.

Within five days of being notified of the incident to whom you have served as a conciliator, you will proceed to request the registration of the In the Official Journal of the Federation and in one of the most circulation newspapers in the locality where the procedure is followed, it is also possible to publish an extract of the same in the Official Journal of the Federation. by other means to be determined by the Institute. In the case of notification of the incident for creditors with domicile abroad, the provisions of Article 291 of this Law shall apply.

Dealing with the modification or verification of compliance with a convention concluded in terms of Title V of the Law, it shall be competent to hear such the judge who knew of the trade contest from which the respective convention derives, where it has been approved. The same judge shall be aware of the application or application for a trade contest which, where appropriate, is derived from the non-compliance with pecuniary obligations contained in the convention in question.

Likewise, any Recognized Creditor may request the enforced enforcement of the Convention, thereby requiring it to be sued in the same incidental way before the Judge who he has known about the commercial competition from which he derives.

TITLE SIXTH

From bankruptcy

Chapter I

From the bankruptcy declaration

Article 167.- The merchant in merchant competition will be declared bankrupt when:

I.           The Merchant itself so requests;

II.          The term for the reconciliation and its extension shall elapse if it has been granted;

III.         The conciliator applies for the bankruptcy declaration and the judge grants it in the terms provided for in Article 150 of this Law, or

IV.         In the case provided for in Article 21 of this Law.

Article 168.- In the case of fractions I and II of the previous article, the statement of bankruptcy declaration shall be made out of hand. In the case of fraction III, the procedure shall be substantially substantially.

Article 169.- The bankruptcy declaration statement must contain:

I.      The statement that the trader's ability to exercise on the goods and rights of the Masa is suspended, unless this suspension has been previously decreed;

II.     The order to the Merchant, its administrators, managers and dependents to deliver to the receiver the possession and administration of the goods and rights that integrate the Masa, with the exception of the inalienable, inembargable and imprescriptible;

III.    The order to the persons who have in their possession goods of the Merchant, except those who are affected to the execution of an enforceable sentence for the fulfillment of obligations prior to the commercial contest, to deliver them to the receiver;

IV.    The prohibition on the debtors of the Merchant to pay or to deliver goods without authorization from the receiver, with double payment warning in case of disobedience, and

V.     The order to the Institute to designate the conciliator as a liquidator, within five days, or otherwise appoint a receiver; in the meantime, whoever is in charge of the administration of the company of the Merchant will have the obligations of the depositaries in respect of the goods and rights that make up the Masa.

The bankruptcy judgment shall contain, in addition to the particulars referred to in this Article, those referred to in Sections I, II and XV of Article 43 of this Law.

Article 170.- At the time of filing for bankruptcy, the judge will order the Institute to ratify the conciliator within five days as a receiver or, in case (a) in accordance with the general provisions which the effect of which the effect gives, it shall designate, unless it is already in one of the situations referred to in Article 174.

The day after the designation of the liquidator, the Institute will make it known to the judge. The liquidator shall inform the judge, within five days of his appointment, of the name of the persons to whom he shall be assisted in the performance of his duties, without prejudice to the immediate commencement of his appointment. order.

Article 171.- The receiver must register the bankruptcy judgment and publish an extract thereof in accordance with the provisions of Article 45 of the ordering.

Article 172.- The liquidator shall make the knowledge of the creditors his appointment and indicate an address within the jurisdiction of the judge he or she is aware of a commercial tender, for the fulfilment of the obligations imposed on it by this Law, within three days of the date on which its designation is made known to it.

Article 173.- If applicable, the conciliator will provide the receiver with all the support necessary to take possession of his order, and will give you all the information about the trader who has obtained his duties in the performance of his duties and, where applicable, the goods of the trader he has administered.

The conciliator shall provide the receiver with an updated listing of all the actions promoted and the trials followed by the Merchant, and the promoted and the followed against him, as referred to in article 84 of the Law.

Article 174.- The designated receiver in terms of the above article may be replaced when:

I.      The Merchant and the Recognized Creditors representing at least half of the total amount recognized, request the Institute through the judge, the replacement of the liquidator by the one they propose in a reasoned manner from among the registered with the Institute, or

II.     The Merchant and a group of Recognised Creditors representing at least half of the total amount recognised are appointed by common agreement to a natural or moral person not listed in the register of the Institute and who wish to serve as a liquidator, in whose case shall be accompanied by his/her fees. The subordinated creditors referred to in Article 222 Bis (II), including the persons referred to in Articles 15, fraction I, and 117, fraction II, shall not participate in the vote to which this fraction refers.

In such a case, the Judge will make it of the Institute's knowledge the next day, leaving without effect the designation made by the Institute. The designated receiver will assume all the rights and obligations that this Law attributes to the syndicates.

In case of replacement of the receiver, the replacement must observe the provisions for the conciliator in the previous article.

Article 175.- The bankruptcy judgment will be appealed by the Merchant, any Recognized Creditor, as well as by the conciliator on the same terms as the Commercial competition judgment. Where the trader appeals against the judgment and has been issued for the purposes of Article 167 (I) and (III), it shall be admissible for both purposes; in other cases, the appeal shall be admissible in the case of the return.

In case the judge admits in both effects the appeal of the bankruptcy sentence promoted by the Merchant, it will point out the amount of the guarantee that will have to exhibit the appellant within the six-day term for the suspension to take effect.

Chapter II

From the particular effects of the bankruptcy statement

Article 176.- Subject to what is set forth in this Chapter, the provisions on the effects of the mercantile contest judgment are applicable to the judgment of bankruptcy.

Article 177.- Without prejudice to the second paragraph, the powers and obligations conferred by this Law on the conciliator, other than necessary for the achievement of an agreement and the recognition of claims, shall be construed as having been attributed to the liquid/himself from his appointment. Where the conciliation stage ends in advance because the trader has requested his declaration of bankruptcy, or the time limit for the conciliation and his or her extensions have been completed, and the judge has granted it, the person who has Credit recognition will remain in charge until such work is completed.

If the commercial contest starts at the stage of bankruptcy, the receiver will also have the powers that this Law attributes to the conciliator for the purposes of the credit recognition.

Article 178.- The judgment declaring the bankruptcy will involve the removal of flat, without the need for additional injunction, from the Merchant in the administration of your company, in which you will be replaced by the receiver.

For the performance of its functions and subject to the provisions of this Law, the receiver will have the widest powers of domain that they have in law.

Article 179.- The Merchant shall retain the disposition and administration of those property and property rights that are legally inalienable, inembargables and printables.

Article 180.- The receiver must initiate the occupation proceedings from his appointment, and must take possession of the goods and premises in which he is located. possession of the trader and start his administration. In order to do so, the judge must take the necessary measures to the case and dictate how many resolutions are necessary for the immediate occupation of the books, papers, documents, electronic means of storage and processing of information and all the goods they are in possession of the Merchant.

The secretary of agreements of the court shall record the acts relating to the possession of the liquidating agent.

For the practice of the occupation proceedings, the days and the working hours will always be formally enabled.

Article 181.- The occupation of the goods, documents and papers of the Merchant shall be carried out in accordance with the following rules:

I.      The conciliator shall continue to carry out the duties of supervision and supervision entrusted to it by the Institute, not including the liquidator appointed by the Institute;

II.     As soon as he takes up his duties, the receiver will be given inventory, goods, cash, books, securities and other documents of the trader, and

III.    The depositaries of the goods that have been seized shall be ordered, as well as those who have been appointed by the judge of the trade contest when they decree precautionary measures, who shall immediately surrender them to the liquidator.

Article 182.- The occupation authorities may assist the interventors, if they have already assumed their positions, and the Merchant or their legal representative.

Article 183.- The receiver, upon entering into possession of the goods that make up the merchant's company, shall immediately take the necessary measures for its security. and conservation.

Article 184.- During the time the receiver continues the operation of the Merchant's company, the sales of goods or services relating to the activity The company itself will be done according to the regular business of its business.

Without prejudice to the foregoing, the Merchant shall at all times, as a general rule, be obliged to assist and assist with the functions and duties of the related receiver. with the operation of the company during the stage of bankruptcy. For this purpose, the liquidator may request the aid of the judge, who shall give the award measures that he considers appropriate.

The administrators, proxies and representatives of the Merchant will have no personality or legitimization to represent him in the stage of bankruptcy within the process insolvency, except in terms and for the purposes expressly provided for in this Law.

Article 185.- Goods that are by their nature required to be rapidly disposed of and the securities that are close to their maturity, or that for any other cause to be exhibited for the preservation of the rights that are inherent, they will relate and will deliver to the receiver, for the timely realization of the necessary acts. The money will be delivered to the receiver for your deposit.

Article 186.- In the event that the persons depository of the goods that make up the Masa refuse to surrender their possession or place obstacles to the receiver, request of the latter, the judge shall decree the award measures that are necessary for that purpose.

Article 187.- The goods that the spouse, if the marriage was contracted under the regime of separation of goods, concubine or concubinaire of the A trader has acquired during the marriage or concubinato in the two years prior to the date of retroactive of the judgment of the mercantile contest, they belong to the Merchant.

In order to be able to take possession of these goods, the receiver must promote the issue in the incidental way against the spouse, the concubine or the concubinaire of the Merchant, where it is sufficient to prove the existence of the marriage or concubinate within that period and the acquisition of the goods during that period. The spouse, concubine or concubinaire may object by demonstrating that such goods were acquired with means of their exclusive membership.

Article 188.- All goods acquired by the conjugal society in the two years prior to the date of retroactive of the trade contest judgment shall be included in the Masa. This provision consists exclusively of goods of the goods where the conjugal company is only on those products.

If the spouse of the Merchant exercises the right to ask for the termination of the conjugal society, he may claim the goods and rights corresponding to him in the terms of the applicable provisions.

Article 189.- The liquidator in the performance of the dealer's business should always act as a diligent administrator in his own business, being liable for any loss or damage that the company suffers from its fault or negligence.

For the purpose of the recruitment of new loans and the establishment or replacement of guarantees, the provisions of Articles 75, 76 and 77 of this Article shall be observed. Law.

Article 190.- Within a period of sixty days from the date on which the receiver takes possession of the merchant's business, he shall deliver to the judge:

I.           An opinion on the state of the merchant's accounting;

II.          An inventory of the merchant's business;

III.         A balance sheet, to the date on which the company's administration assumes, and

IV.         A detailed report of the assistance received by the Merchant in terms of Article 184 of this Law.

These obligations must be met in the formats established by the Institute.

Once you receive the documents listed in the above fractions, the judge must put them in the view of any interested party.

Article 191.- The inventory shall be made by relationship and description of all movable or immovable property, securitisof all classes, genera of trade, and rights in favour of the trader.

The receiver will enter into possession of the goods and rights that integrate the Masa as it is being practiced or verifying the inventory of the same. For these purposes, their status shall be that of a judicial depositary.

Article 192.- The acts that the Merchant and its representatives perform, without the authorization of the receiver, shall be void from the declaration of bankruptcy, except for which they carry out in respect of goods whose disposal is preserved by the trader. Such authorisation shall be in writing and may be general or particular.

In the event that prior to the bankruptcy filing, the trader had been removed from the administration of his company or his powers had been limited in relationship with some of their property, in respect of third parties who are proven to know such a situation, shall be void acts performed in contravention of the order of removal of the Merchant or limitation of their faculties.

If the third party had appeared in the trade contest, it is presumed that he was aware of the situation described in the preceding paragraph, without being admitted proof of

The declaration of nullity shall not proceed when the Masa takes advantage of the consideration obtained by the Merchant.

Article 193.- The payments made to the Merchant after the declaration of bankruptcy, with knowledge that the bankruptcy had been declared, will not produce Release effect. If the payment was made after the last publication of the declaration of bankruptcy in the Official Journal of the Federation, or if the person who paid had been added to the file of the commercial contest, it will be presumed without being accepted proof to the contrary, that the payment was made with knowledge of the declaration of bankruptcy.

Article 194.- For the purposes of this Law, all correspondence arriving at the address of the trader's business is presumed to be related to transactions of the same for what the receiver, or in his case the conciliator, once he is in charge of the administration, will be able to receive it and to open it without that for it the presence or express authorization of the Merchant is required.

Article 195.- Whenever required by the receiver, the Merchant must appear before the receiver. Taking into account the nature of the information that the receiver needs, it may require the Merchant to show up in person and not by proxy; or it will indicate which or which of its managers, managers, employees or dependents must appear.

For the exercise of the right referred to in the preceding paragraph, the liquidator may request the aid of the judge, who shall give the award measures that he considers convenient.

Article 196.- Dealing with moral persons, the provisions concerning the obligations of the Merchant shall be borne by those who, according to the law, statutes or their constituent act, have the legal representation of the moral person.

TITLE SEVENTH

From the disposal of the asset, the graduation of credits and the payment to the Recognized Creditors

Chapter I

From the disposal of the asset

Article 197.- Declared the bankruptcy, even if the recognition of credits has not been concluded, the receiver will proceed to the disposal of the goods and rights that integrate the Masa, trying to obtain the greatest possible product for its disposal. For this purpose, the best conditions and shorter time limits for recovery of resources should be sought.

The general procedures and terms in which the disposal of the goods is carried out must take account of the commercial characteristics of the operations, the healthy ones (a) the conditions for the sale of the goods to which the goods are to be placed, and at the same time and conditions both general and particular in which the operation is carried out, including, where appropriate, the reduction of the administration costs.

When the disposal of all the goods and rights of the Masa as a productive unit, allow to maximize the product of the disposal, the receiver must consider the convenience of keeping the company in operation. Where it is not possible to maintain the undertaking in operation, the disposal of the goods may be carried out by grouping them together to form packages to reduce the time limits for disposal and reasonably maximise the recovery value, Considering its commercial characteristics.

should be promoted, in all cases, to the elements of advertising and operability that ensure the objectivity and transparency of the relevant procedures.

When within the goods and rights of the Masa are included values, the disposal of the same will be carried out according to the established in this chapter, without the Securities Market Act is applicable in respect of securities offerings.

Article 198.- The disposal of the goods shall be carried out through the public auction procedure provided for in this Chapter, except as provided for in the Articles 205 and 208 of this Law.

The auction must be held within a period of not less than ten calendar days or greater than ninety calendar days from the date the first publication is published. call.

Article 199.- The receiver will publish the call for the auction in accordance with the general provisions that the Institute will issue.

The call must contain:

I.      A description of each of the goods or set of goods of the same kind and quality that is intended to be used;

II.     The minimum price to be used as a reference to determine the award of the auctioned goods, accompanied by a reasoned explanation of that price and, where appropriate, the supporting documentation;

III.    The date, time, and place in which the auction is proposed, and

IV.    The dates, places and times in which the persons concerned may know, visit or examine the goods in question.

Article 200.- From the day the publication is made noted in the previous article until the immediate day before the auction date, any interested in participating may present to the judge, in closed, positions for the goods subject to the auction. Those presented later will not be admitted.

Article 201.- All positions or offers that are made in a disposal procedure must meet the following requirements:

I.      Be present in the formats that the Institute publishes to the effect;

II.     Provide for the cash payment. In cases where it is possible to determine precisely the amount that would correspond to a Creditor Recognised as a bankruptcy fee arising from a sale, the creditor in question shall be allowed to apply such an amount, equating it to the cash payment;

III.    Have a minimum validity for the forty-five calendar days following the date of the auction or, where applicable, the date on which the tender is submitted, and

IV.    Be guaranteed in terms that the Institute determines by general rules.

Article 202.- When submitting the positions or offers to the judge in terms of this article or article 205 of this Law, the bidders or bidders shall be required to to express, in protest of truth, their family or property ties with the Merchant, their administrators or other persons directly related to the operations of the Merchant. Anyone who presents a position or offer on behalf of another person must also express the corresponding links of the person to whom he represents. For the purposes of this article, in the event that the Merchant is a moral person, before proceeding to the disposal of the asset, the liquidator must make known to the judge who the owners of the social capital are, and in what percentage and identify their administrators and people who can force it with their signature.

The omission or falsehood at this event shall be the cause of the nullity of any award resulting from the acceptance of the position concerned, without prejudice to the responsibilities that result. In this case the auction will be unrealized.

A family link shall be understood for the purposes of this article, the spouse, concubine or concubinaire, as well as the kinship for consanguinity up to the fourth grade; to the second degree, if the kinship is by affinity, and to the civil kinship. Where appropriate, the family relationship shall be understood as referring to the administrators, managers, directors, proxies and members of the Board of Directors of the Merchant.

In the event that the Merchant is a moral person, for the purposes of this article, it will be understood as a patrimonial bond, the one that arises between him and the following people:

I.      The headlines of at least five percent of its share capital;

II.     Those that effectively control the moral people who hold at least five percent of their social capital;

III.    The moral persons in which their administrators or persons identified in the previous fractions are holders, jointly or separately, of at least five percent of the share capital;

IV.    Those that can force it with its signature;

V.     Those in which it participates, directly or indirectly, in at least five percent of its share capital;

VI.    Administrators and persons who can bind with their signature to the persons mentioned in the previous fraction, and

VII.   Any other persons who, because they are directly related to the operations of the Merchant, have access to inside or confidential information about the company.

The persons who are in the case referred to in this article may present positions within the time limit specified in Article 200 of this Law, but once They may not be improved or participate in bids.

Article 203.- The judge or, where appropriate, the clerk of the court agreements shall preside at the auction on the date, time and place authorized by the judge, observing the next:

I.      Access to the auction will be public;

II.     At the time indicated for the auction, who the chair will declare it initiated and, immediately, proceed, to open before the present the envelopes with the postures received, discarding those that do not comply with the requirements mentioned in the article 201 above or for a price less than the minimum indicated in the call;

III.    If no valid position has been received, the auction will be declared deserted;

IV.    The auction chair will read aloud the amount of each of the accepted positions, making express mention of those made by persons who have a family or estate bond with the Merchant in terms of this Law;

V.     Finished reading, who chair the auction will indicate the position with the highest price for the goods subject to the auction and ask if any of the present wishes to improve it. If any improvement within fifteen minutes, ask again if any other bidder is interested in improving it, and so on with respect to the bids that are made, and

VI.    In case any fifteen-minute period of the last request for a major bid has passed, the last position or bid will not be improved, the latter will be declared the winner.

Article 204.- At the end of the session, the judge will order the award of the goods, upon payment, in favor of the bidder who has made the winning position.

In all cases, the full payment must be displayed within ten days of the date of the auction. Otherwise, the posture will be discarded and the auction will be unrealized. In this case, the bidder will lose the deposit or the corresponding guarantee will be made effective for the benefit of the Masa.

Article 205.- The liquidator may ask the judge for authorization to dispose of any good or all assets of the Masa by means of a procedure other than provided in the previous articles, when you consider that greater value would be obtained in this way.

In this case, the receiver's request must contain:

I.      A detailed description of each of the goods or set of goods of the same species and quality to be used;

II.     A description of the procedure by which the disposal is proposed, and

III.    A reasoned explanation of the desirability of carrying out the disposal in the manner proposed and not in accordance with the provisions of Articles 198 to 204 of this Law.

Article 206.- On the following day of receipt of the application referred to in the previous article, the judge shall place it in the view of the Merchant, the Creditors Recognised and from the financial controller for a period of 10 days.

During this period, they may express their disagreement with the proposal to the judge in writing:

I.      The Merchant;

II.     The fifth part of the Recognised Creditors;

III.    Recognised creditors representing, as a whole, at least 20% of the total amount of the credits recognised

or

IV.    The Interventors that have been designated by Recognized Creditors representing, as a whole, at least 20 percent of the total amount of credits recognized.

After the deadline without any disagreement, the judge will order the receiver to proceed to the disposal in the terms of the application.

Article 207.- If, after a period of six months after the start of the bankruptcy stage, the entire assets of the Masa have not been completed, any interested person may submit to the judge an offer for the purchase of any good or set of goods from among the remnants. The tender must be presented in the formats and in accordance with the bases that the Institute has to issue, pointing out the goods it comprises and the price offered and accompanying the guarantee to be determined by the Institute by means of implementing rules. general.

The day after the offer is received, the judge will put it in the view of the Merchant, the Recognised Creditors and the Financial Controller for a period of ten days. If, at the end of this period, they have not made written to the judge their opposition to the offer, the persons referred to in Article 206 (I) to (IV) of this Law, the judge shall order the liquidator to convene within three days of the receipt of the order, to an auction in terms of Article 199 of the order, stating as the minimum price referred to in the second part of that article that of the offer received.

The auction shall be held within a period of not less than ten calendar days and no longer than ninety calendar days from the convocation.

The received offer will be considered as a position in the auction. The person who has submitted it may not improve it or participate in the bids.

Article 208.- Under his responsibility, the receiver may proceed to the disposal of the goods of the Mass, without attending to the provisions of this Chapter, when the goods require immediate disposal because they cannot be preserved without deterioration or corrupt or are exposed to a serious decrease in their price, or whose preservation is too costly in comparison with their value, or goods the value of which does not exceed the amounts established for such purposes effect of the Institute by means of general rules.

In these cases, within three working days of the sale, the liquidator, through the judge, will inform the trader, the financial controllers and the Recognised Creditors. The report shall include a description of the goods in question, their prices and conditions of sale, and the justification for the urgency of the sale and the identity of the purchaser.

Article 209.- Goods that are the subject of a demand for separation cannot be disposed of as long as the sentence denied by the person is not signed. Without prejudice to the foregoing, at the request of the liquidus, the separatist must grant a guarantee to compensate the Masa for the damages that will result if the demand for separation does not result. The judge, if applicable, shall determine the amount of such guarantee.

Article 210.- The receiver may request the expert, expert, and other studies he deems necessary for the performance of his/her mandate.

The receiver shall make public the studies referred to in the preceding paragraph, which shall be displayed in the formats established by the Institute.

The procedures for the disposal of goods may be entrusted to specialised third parties where this helps to receive a higher recovery value of the same or or, when considering the factors of cost and benefit, it is more profitable. The receiver shall monitor the performance of the specialised third parties in respect of the acts entrusted to them.

The Institute may, by means of general rules, fix payments and deposits to those requesting access to the information referred to; these amounts shall become part of the Mass.

Article 211.- If the disposal provides for the award of the merchant's business as a unit in operation, or of parts of it that consist of units of exploitation, the receiver must notify third parties that they have pending contracts of execution, related to the company or to the unit object of disposal, making them know that they have a term of ten calendar days, counted from the date of the notification, in order to state in writing to the receiver his will to to terminate their respective contracts. For contractors who do not object, their contracts shall be continued with the successful tenderer.

The notification must be made in writing at the address of the contractors, when this is recorded in the books and documents of the trader's company. Where the address of one or more contracting parties is not known, the notification shall be made by means of a publication in a newspaper of greater circulation for two consecutive days and including the name of the contractors to whom it is addressed. the notification. The notification shall be made on the day following the last publication.

Article 212.- The receiver shall not be liable for the eviction or for the hidden vices of the goods he or she enaje, unless otherwise agreed with him. acquirer.

The acquirer of all or part of the assets of the Masa will not be able to claim the receiver, or the Recognised Creditors who have received any agreed fees, the reimbursement of all or part of the price, the decrease of the price or the payment of liability.

Article 213.- Recognized creditors with collateral that initiate or continue an execution procedure as set out in the provisions that they are applicable, they must notify the receiver, making them aware of the data identifying the execution procedure.

The receiver may participate in the execution procedure in defense of the interests of the Masa.

Article 214.- During the first thirty calendar days of the bankruptcy stage, the receiver may avoid the separate execution of a guarantee on assets that are linked to the ordinary transaction of the trader's business when it considers that it is in the interest of the Masa to dispose of it as part of a set of goods.

In these cases, prior to the disposal of the set of goods in question, the receiver will carry out a valuation of the goods that guarantee the credit:

I.           If the creditor did not exercise the right referred to in the second paragraph of Article 89 of this Law, the following shall apply:

a) If the valuation of the receiver is greater than the amount of the credit in question, including interest accrued up to the day of disposal, the receiver shall make the full payment of the credit, with the deductions corresponding to this Law, or

b) If valuation is less than credit, including interest the receiver will pay the creditor the amount of the valuation. If the valuation is less than the amount of the credit recognized at the date of the tender declaration, its difference shall be recorded as common credit.

II.          If the creditor exercised the right referred to in the second paragraph of Article 89 of this Law, the following shall be carried out:

a) If the creditor attributed to his security a higher value than the valuation of the receiver, it shall pay the creditor the amount of the valuation and record for payment as common credit the difference between the valuation and the amount of the credit recognised as the date of the tender declaration, or

b) If the creditor attributed a lower value to the valuation of the receiver to its security, You will pay the amount the creditor has attributed to your guarantee, and record for payment as common credit the difference between the value attributed and the amount of the credit recognized to the date of the tender declaration.

For the comparisons and payments referred to in this Article, the value attributed by the creditor to its guarantee shall be converted into national currency, using the the value of the UDIs of the day before the payment to the creditor.

In all cases, the payment to the creditor shall be made within three days of the disposal of the package of goods in question.

The Recognised Creditor in question may challenge the valuation of the receiver. The challenge will be dealt with in the incidental way, without suspending the disposal of the goods and without affecting the validity of the disposal. As long as the challenge is resolved, the receiver must separate, from the proceeds of the sale, the sum corresponding to the difference between the value attributed by the receiver and the value claimed by the Recognised Creditor, and reverse it, in terms of the provisions of Article 215 of this Law.

If the judge resolves that the challenge is founded and is attributed to the good or the goods a value higher than the one assigned by the receiver, that difference will be delivered, with its products, to the Recognised Creditor. If the judgment dismisses the challenge, the sum that has been reserved will be reintegrated into the Masa.

Article 215.- With regard to the investments and reserves referred to in Articles 214 and 230 of this Law, the liquidus must carry out such investments and reserves. fixed income of a credit institution, the yields of which preponderantly protect the real value of such resources in terms of inflation and which, in addition, have the right characteristics of security, profitability, liquidity and availability.

The liquidator shall submit each month to the judge a report of the state which shall keep the investments referred to in the preceding paragraph and of the operations which have taken place during that period, so that, on the day after its receipt, the judge puts it in the light of the trader and the financial controller.

Article 216.- Where a security or its disposal is carried out in accordance with the preceding Article 214, the amount of the security shall be deducted from the proceeds of the sale with which the creditor must contribute to the payment of the singularly privileged creditors and the credits from the Masa, in accordance with the provisions of Article 226 of this Law.

If it is not possible to determine precisely at the time of the execution the contribution to be made to it, the minimum quantity that can be foreseen and reserved shall be deducted the difference between the latter and the maximum which it may result, according to the calculations which the liquidating effect makes. The final adjustment shall be made as soon as possible to determine precisely the amount of the corresponding contribution.

Chapter II

From Credit Graduation

Article 217.- Creditors will be classified in the following grades, depending on the nature of their credits:

I.           Uniquely privileged creditors;

II.          Creditors with collateral;

III.         Creditors with special privilege;

IV.         Common Creditors, and

V.          Subordinate creditors.

Article 218.- They are uniquely privileged creditors, whose ranking will be determined by the order of enumeration, the following:

I.      The burial costs of the Merchant, in the event that the judgment of the commercial contest is after death, and

II.     The creditors for the expenses of the disease caused by the death of the Merchant in case the judgment of the commercial contest is after the death.

Article 219.- For the purposes of this Act, they are creditors with collateral, provided that their guarantees are properly constituted in accordance with the provisions of the which are applicable, the following:

I.      Mortgage, and

II.     The collateral provided.

Creditors with collateral shall be charged with the payment of their proceeds of the goods in respect of the guarantee, with the absolute exclusion of the creditors to whom refers to fractions III to V of Article 217 of this Law and subject to the order to be determined in accordance with the applicable provisions in relation to the date of registration.

Article 220.- It is special privilege creditors all who, according to the Trade Code or laws of their matter, have a special privilege or a right of retention.

Creditors with special privilege will charge on the same terms as creditors with collateral or in accordance with the date of their credit, if not subject to registration, unless several of them concurred on a given thing, in which case the distribution will be made pro rata without distinction of dates, unless the laws dispute the contrary.

Article 221.- Work credits other than those mentioned in Section I fraction I and tax credits will be paid after they have been covered by special preferential loans and loans with real guarantee, but in advance of the appropriations with special privileges.

In the event that the tax credits are provided with collateral, for the purposes of their payment, the provisions of Article 219 of this Law shall be up to the amount of their payment. warranty, and any remaining will be paid in the terms of the first paragraph of this article.

Article 222.- It is common creditors all those who are not considered in Articles 218 to 221, 222 Bis and 224 of this order and will charge pro rata without distinction of dates.

Article 222 Bis.- The following are subordinate creditors:

I.           Creditors who have agreed to the subordination of their rights in respect of common claims; and

II.          Creditors for claims without any real guarantee that any of the persons referred to in Articles 15, 116 and 117 of this Law, with the exception of persons referred to in Articles 15, fraction I, and 117, fraction II, shall be the holder.

Article 223.- No payments will be made to the creditors of one degree without the previous ones being paid, according to the ranking established for them.

Article 224.- They are credits against the Masa and will be paid in the order indicated and before any of those referred to in Article 217 of this Law:

I.      Those referred to in Section XXIII (A) of Article 123 of the Constitution and its regulatory provisions;

II.     Those contracted for the administration of the Masa by the Merchant with the authorization of the conciliator or liquidator or, where appropriate, the credits indispensable to maintain the normal operation of the company and the necessary liquidity during the processing of the trade contest. In the latter case, all privileges and preference shall be forfeited in the case of granting such claims in contravention of the decision of the judge or the conciliator, as well as in the case of a final judgment which the credits were contracted in the fraud of creditors and to the detriment of the Masa;

III. Those contracted to meet the normal expenses for the security of the Masa goods, their refaction, conservation, and administration, and

IV. Those from judicial or extrajudicial proceedings for the benefit of the Masa.

V. (Repeals)

Article 225.- In the face of creditors with collateral or special privilege, the privilege referred to in the previous article cannot be asserted, but that only have the following privilege:

I.      Creditors for the concepts referred to in Article 123 (A) of Article 123 of the Constitution and its regulatory provisions on the basis of the salaries of the two years preceding the declaration of a commercial tender of the Merchant;

II.     The litigation expenses that have been promoted for the defense or recovery of the goods that are the subject of the guarantee or on which the privilege falls, and

III.    The expenses necessary for the refaction, conservation and disposal of the same.

Article 226.- If the total amount of the Merchant's obligations for the concept referred to in the above article fraction I is greater than the value of all the assets of the Masa that are not the subject of a guarantee, the excess of the privilege shall be shared among all the secured creditors.

Article 227.- To determine the amount each secured creditor will have to contribute to the obligation stated in the previous article, it will be subtracted to the amount (a) the value of all the assets of the Masa which are not the subject of a real guarantee, the value of all the assets of the Masa which are not the subject of a real guarantee. The resulting amount shall be multiplied by the proportion that the value of the security of the creditor concerned represents the sum of the values of all the assets of the Masa that are the subject of a guarantee.

Article 228.- When a company has been declared in a commercial tender to a company in which there are unlimitedly responsible partners, the creditors of those partners, whose Credits prior to the birth of the partner's unlimited liability, shall be met with the creditors of the company, placed in the appropriate degree and priority.

The subsequent creditors of the unlimitedly responsible partners, of a company in the state of competition, will only have the right to charge their claims for the remainder, if (a) after the debts of the company concerned have been satisfied, in accordance with these provisions.

Chapter III

From Payment to Recognized Creditors

Article 229.- As of the date of the bankruptcy judgment, at least every two months, the liquidator will present a report to the judge of the proceedings. and the remaining asset situation, and a list of the creditors to be paid, as well as the corresponding insolvency fee.

In relation to the credits that have been contested, the receiver must reserve the amount of the sums that, if any, could correspond to them. Such reserves shall be invested in accordance with the provisions of Article 215 of this Law, and when the challenge is resolved, the Recognised Creditor shall be paid, where appropriate, to pay any surplus to the Masa.

Article 230.- In cases where the resolution of one or more challenges may modify the amount to be distributed to the Recognized Creditors, the He will only distribute the amount that is not likely to be reduced as a result of the appeal resolution. The difference shall be reserved and invested in accordance with the provisions of the previous Article 215. When the challenge is resolved, the creditor shall be paid, where appropriate, to pay the creditor.

In cases where the judgment of recognition, graduation and ranking of claims has not been given, the product of the enajenations to be carried out must be to be invested in terms of the provisions of Article 215.

Article 231.- The judge shall make the report and list referred to in Articles 229 and 230 of this Article in the view of the Recognized Creditors and the Merchant. order, so that within the three-day period they will manifest what they are entitled to. After that end, the judge will rule on the manner and terms in which the available staff will be dealt with.

Article 232.- Conform repairs will continue to be done as long as they exist in the asset capable of being performed.

Article 233.- If, at the time the merchant contest was to be terminated, there were still outstanding claims of recognition for having been challenged by the The judge will wait to declare the termination of the commercial contest until the corresponding challenge is resolved.

Article 234.- All assets of the asset will be deemed to have been made, even if part of the asset remains, if the liquidator demonstrates to the judge that they are worthless or if the value they have is lower than the charges against them or the costs necessary for their disposal.

In such cases, the judge, hearing the interveners in accordance with the procedure laid down in Article 76 of this Law, will decide on the fate that will be given to the goods.

Article 235.- Concluded the trade contest, creditors who have not obtained full payment will individually retain their rights and shares for the balance against the Merchant.

Article 236.- Concluded the trade contest for the causal link referred to in Article 262 (III) and (IV) of this Law, if the goods are discovered A trader or a return of goods that had to be understood as part of the Masa, will proceed to its disposal and distribution in the terms laid out in this Law.

TITLE EIGHTH

Of the special contests

Chapter I

Of merchant merchant contests that provide concessionary public services

Article 237.- The Merchant who, by virtue of a concession title, provides a federal, state or municipal public service, may be declared in contest mercantile.

Article 238.- The mercantile contests referred to in the previous article shall be subject to the laws, regulations, concession titles and other provisions that regulate the granting and the public service in question, applying the provisions of this Law only in so far as they are not opposed to them.

Article 239.- For the purposes of this chapter, the government, dependency or other entity governed by public law shall be deemed to grant the grant for the provision of a public service.

Article 240.- The granting authority shall propose to the judge all matters relating to the appointment, removal and replacement of the conciliator and the liquidator. commercial competitions referred to in this chapter, as well as to supervise the activities they carry out. Where the special circumstances of the case so warrant, the granting authority may establish a remuneration scheme other than that provided for in Article 333 of this Law.

Article 241.- Declared the trade contest of a Merchant under this chapter, and at any time from this declaratory, the authority (a) the entity may terminate the separation of the person who carries out the administration of the trader's business and appoint a person to assume it, when it considers it necessary for the continuity and security of the provision of the service public.

In such cases, the granting authority will communicate its determination to the judge, who will take without delay all necessary measures to take possession of the company from the Trader the person appointed by the granting authority. The occupation shall be carried out in accordance with the formalities laid down in Articles 180 to 182 of this order.

Article 242.- Any convention proposed in terms of Title V of this Law shall be notified to the granting authority, who may veto it within the time limit. provided for in Article 162 of this Law.

Article 243.- If the receiver proposes, with the prior agreement of the granting authority, a disposal procedure in terms of Articles 205 and 206 of the ordering; may only be objected to by:

I.      Half of the Recognised Creditors;

II.     Recognised creditors representing, as a whole, at least fifty per cent of the total amount of the credits recognised

or

III.    Interventors representing, as a whole, at least fifty percent of the total amount of credits recognized.

Article 244.- In all cases where the sale of the merchant's business includes the transfer of the concession title, the transaction must be prior approval of the granting authority, who shall verify that the acquirer complies with the requirements that the applicable provisions are in place to provide for the public service.

Chapter II

From the Financial Institutions Business Competition

Article 244 Bis.- For the purposes of this Chapter, the following definitions shall apply:

I.         Institution Financial: to the entity that the federal laws grant it such a character. Credit institutions, ancillary credit organisations and persons carrying out ancillary credit activities are excluded.

II. Commission Supervisor: Aquella who, in accordance with the applicable provisions, is responsible for the supervision and supervision of a Financial Institution.

Article 245.- The commercial tender of the Financial Institutions shall be governed by the provisions of this Law, except as provided in the financial laws which regulate their organization and operation.

The determination of the generalized default of payment obligations referred to in Chapter II of Title 1 of this Law, by institutions Financial institutions shall be carried out in accordance with the accounting records rules issued by the competent financial authority under the financial laws governing their organisation and operation.

The commercial tender of the credit institutions shall be governed by the provisions of the judicial settlement and other applicable rules of the Law of Institutions of Credit.

Article 246.- You may only sue the Commercial Competition Statement of a Financial Institution the Supervisory Commission of the Financial Institution, in terms of the applicable provisions.

From the date on which the demand for commercial competition of any Financial Institution is filed, the Supervisory Commission shall, where it considers it, appropriate, may request the contest judge to order the Financial Institution to keep its public service offices closed and to suspend the performance of any type of operations and services.

The judge may, on his own initiative or at the request of the Supervisory Commission, adopt the provisional measures necessary for the protection of workers, installations and assets of the institution, as well as the interests of the creditors.

Item 247.- Received the application for a trade contest, the judge shall cite the person entrusted with the administration of the Financial Institution giving him a nine-day term to answer the request. In his defence, the person in charge of the administration shall provide the evidence that this Act authorizes.

The day after the judge receives the answer, he will give the actor a view of the actor so that within a three-day term he will manifest what is right for him and, in your case, add your test offering.

Article 248.- With the defence of the claim only the documentary evidence and expert opinion shall be permitted when it is submitted in writing. The expert opinion shall accompany the written information and documents certifying the experience and expertise of the relevant expert. For no reason will the experts be cited for questioning.

The judge may order the other probative measures that he considers appropriate, which must be carried out within a maximum period of ten days.

Article 249.- When the commercial tender of a Financial Institution is declared, the procedure shall be initiated in all cases at the stage of bankruptcy.

Article 250.- Correspond to the Supervisory Commission to propose to the judge the designation, removal or replacement, if any, of the liquidator of the commercial competition of the Financial Institution.

Article 251.- The National Commission for the Protection and Defense of Financial Services Users, may designate up to three financial controllers who will have the the obligation to represent and protect the rights and interests of the creditors of the institution declared in a trade contest.

Article 252.- The proposals for the disposal of the receiver, with the approval of the Supervisory Commission, may be objected to by the Institution Financial and the judge will resolve the conduct.

Article 253.- Repeals

Chapter III

From the Commercial Competition of the Auxiliary Institutions of Credit

Article 254.- The trade contest of the organizations and persons carrying out ancillary activities of the credit shall be governed by the provisions of this Law, except by the provisions of the General Law of Credit Organizations and Activities of Credit.

The determination of the generalized default of payment obligations referred to in Chapter II of Title 1 of this Law must be made in accordance with the rules for accounting records which the competent financial authority issues under the financial laws governing the organisation and operation of the institution concerned.

Article 255.- Without prejudice to the provisions of Article 21 of this Law, you may also sue an auxiliary organization's declaration of trade contest. of the credit and of any company carrying out ancillary activities of the credit the National Banking and Securities Commission, provided that they are supervised by the latter.

Admissible the application, the judge shall order that the National Banking and Securities Commission be notified and shall adopt, either ex officio or at the request of the complainant or the (a) the provisional measures which are necessary for the protection of the interests of the creditors, employees, facilities and assets of the company concerned.

Article 256.- The request for a commercial contest is received, the judge must employ the person entrusted with the administration of the company concerned, giving you a nine-day term to answer. In his statement of defence, the person in charge of the administration shall provide the evidence that the law authorizes.

The day after the judge receives the answer, he will give the actor a view of the actor so that within a three-day term he will manifest what is right for him and, in your case, add your test offering.

Article 257.- With the defence of the claim only the documentary evidence and expert opinion shall be permitted when it is submitted in writing. The expert opinion shall accompany the written information and documents certifying the experience and expertise of the relevant expert. For no reason will the experts be cited for questioning.

The judge may order the other probative measures that he considers appropriate, which must be carried out within a maximum period of ten days.

Within five days of the expiration of the second paragraph of Article 256 of this Law, the judge will dictate the corresponding sentence.

Article 258.- Declared the commercial contest, the National Banking and Securities Commission, in defense of the interests of the creditors, may request that the procedure is initiated at the stage of bankruptcy, or the early termination of the conciliation stage, in which case the judge shall declare the bankruptcy of the proceedings.

Article 259.- Correspond to the National Banking and Securities Commission to propose to the judge the appointment, removal or replacement of the conciliator and the (a) the company's commercial tender for the company in question.

Article 260.- The National Commission for the Protection and Defense of Financial Services Users, may designate up to three financial controllers, who will have the obligation to represent and protect the rights and interests of the creditors of the company declared in a trade contest.

Article 261.- The proposals for the disposal of the receiver, with the approval of the National Banking and Securities Commission, may be objected to by the the society in question and the judge will decide how to conduct it.

TITLE NINTH

From the termination of the merchant contest

Single Chapter

From the termination of the merchant contest

Article 262.- The judge shall declare the mercantile contest concluded in the following cases:

I.      When a convention is approved in terms of Title V of this Act;

II.     If the payment was made in full to the Recognised Creditors;

III.    If payment has been made to the Recognised Creditors by means of a bankruptcy of the Merchant's obligations, and no more goods will be left to be performed;

IV. If it is proven that the Masa is insufficient, even to cover the credits referred to in Article 224 of this Law;

V.     At the stage of bankruptcy, when an agreement is approved by the Merchant and the Recognized Creditors representing the majorities referred to in Article 157 of the Law and the Convention provides for the payment for all Recognized Creditors, including for which the agreement has not been signed, or

VI. At any time on request by the Merchant and the entire Recognized Creditors.

Article 263.- They may ask the judge to terminate the commercial contest for the causes referred to in the fractions III and IV of the previous article. conciliator, the liquidator, any Recognised Creditor or any financial controller.

Article 264.- If the mercantile contest was terminated for the causes mentioned in Section III or IV of Article 262 of this Law, any creditor Recognized that within two years of its termination, prove the existence of goods at least sufficient to cover the credits referred to in Article 224 of this Law, you will be able to obtain the reopening of the commercial contest.

The merchant contest will continue at the point where it was interrupted.

Article 265.- The termination sentence of the merchant contest will be notified through the Judicial Bulletin or by the court's strates.

Article 266.- The judgment of termination of the commercial contest shall be appable by the Merchant, any Recognized Creditor, and the Public Ministry as well as by the visitor, the conciliator or the liquidator on the same terms as the trade contest judgment.

TITLE TENTH

From incidents, resources, and award measures

Chapter I

Incidents and resources

Article 267.- For the knowledge and decision of the various questions raised during the processing of the business contest, which do not have a Special substantiation shall be made, by the person concerned, through the incidental route before the judge, with the following formalities being observed:

I.      The initial letter of the incident shall be carried forward for five days to the party or to the parties concerned. The party which shall not carry out the event shall be held in confidence, unless otherwise tested;

II.     In the incidental and the reply written application, the parties shall provide evidence, expressing the points on which they should be, and that they are not foreign to the incidental question raised;

III.    After the period referred to in the first sentence, the judge shall cite a hearing of proof and pleadings to be held within the following 10 days;

IV.    Where the parties offer evidence of evidence or expert evidence, they shall, with the written offer, copy the interrogations to the tenor of which the witnesses are to be examined, or the questionnaire for the experts, indicating the name and domicile of the witnesses and in their case of the expert of each party. The judge will order a copy to be given to each of the parties, so that they can formulate in writing or verbally ask questions when the hearing is verified. No more than three witnesses shall be admitted for each fact;

V.     When the expert evidence is promoted, the judge shall make the appointment of an expert, or of the necessary experts, without prejudice to the fact that each party may also appoint an expert to be associated with the appointment by the judge or by the separated;

VI.    In order for the parties to be able to give their evidence at the hearing, the officials or authorities have an obligation to issue promptly to the parties, copies or documents they request, warning that failure to do so shall be the subject of of the award measures that the judge considers appropriate, and those who have not been prepared in due time for lack of interest in their deahogo shall cease to be received, and

VII.   Completed the hearing, without the need for a summons, the judge will dictate the relative interlocutory judgment within three days.

The incidents raised in terms of this Act will not suspend the main proceedings.

Article 268.- When this Law does not provide for the appeal of appeal, the revocation shall be carried out in accordance with the provisions of the Code of Commerce.

Chapter II

Of The Aaward Measures

Article 269.- The judge to enforce his determinations may use, at his discretion, any of the following award measures:

I.      Fine for an amount of one hundred and twenty to five hundred days of the general minimum wage in force in the Federal District when committing the offence, which may be doubled in the event of recidivism;

II.     The relief of public force and the fracture of locks if necessary, and

III.    The arrest for up to thirty-six hours.

If the case requires further sanction, the competent authority will be given part.

Article 270.- When in exercise of the powers conferred on you by the previous article, the judge requests the help of the public force, the authorities They shall be obliged, under their strictest responsibility, to provide such assistance with the extent and for as long as is necessary.

TITLE 10A

Administrators responsibility

Article 270 Bis.- The Members of the Board of Directors, as well as the relevant employees of the Merchant, shall be liable for the liability of indemnifying the damages caused to the Merchant, when they have caused him a property damage and the trader is in general breach of his obligations as referred to in Articles 10, 11 and 20 of this Law, by virtue of updating any of the following cases:

I.           Vote in the sessions of the board of directors or make determinations related to the Merchant's estate, with conflict of interest;

II.          Favor, knowingly, to a certain shareholder or group of shareholders of the Merchant, to the detriment or detriment of the other shareholders;

III.         When, without a legitimate cause, by virtue of their employment, position or commission, they obtain economic benefits for themselves or to procure them in favor of third parties, including a certain shareholder or group of shareholders;

IV.         Generate, disseminate, publish, provide, or order information, knowing that it is false;

V.          Order or cause the record of operations performed by the Merchant to be omitted, as well as alter or order to alter the records to conceal the true nature of the operations held, affecting any concept of the financial statements;

VI.         Order or accept that false data be entered in the Merchant's accounts. Unless proof to the contrary, the data included in the accounts are presumed to be false when the authorities, in the exercise of their powers, require information relating to the accounting records and the trader does not count on them, and not the information supporting the accounting records can be credited;

VII.        Destroy, modify or order the destruction or modification, in whole or in part, of the accounting systems or records or the documentation that originates from the accounting entries of the Merchant, prior to the expiration of the deadlines legal conservation and for the purpose of hiding their registration or evidence;

VIII.       Alter or order that the active or passive accounts or contract conditions be modified, make or order non-existent operations or expenses to be recorded, to exaggerate the actual or to intentionally perform any act or operation illegal or prohibited by law, generating in any of these assumptions a debt, bankruptcy or damage in the patrimony of the Merchant, in its own economic benefit, either directly or through a third party, or third parties, including the registration of liabilities in favour of persons referred to in Articles 116 and 117 of this Act

or

IX.         In general, perform acts of wilful or bad faith, or unlawful acts in accordance with this Law or other laws.

The responsibility of compensating for damages caused by the acts, acts or omissions referred to by the fractions This Article shall be mutually supportive of the guilty parties who have taken the decision and shall be liable as a result of the damage or damage caused. The appropriate compensation must cover the damages caused to the Merchant and, in any case, the removal of the charge of the culprits will be carried out.

the trader concerned may, under no circumstances, be able to agree, or provide in his or her social statutes, benefits, benefits or exclusionary liability, to limit, free, substitute or compensate for the liability for the liability referred to in this legal precept; they may only hire insurance, sureties or guarantees to cover the amount of compensation for damages caused, except in the case of acts of wilful or bad faith, or unlawful acts in accordance with this Law or other applicable provisions.

For the purposes of this article, relevant employees, the director-general of a company subject to this Law, as well as the natural persons occupying the same a job, position or commission in the latter, with knowledge, adoption, order or execution of the acts, omissions or conduct concerned.

Article 270 Bis-1.- The liability action consisting of indemnifying damages resulting from acts, omissions or conduct to In the case of Article 10 of this Law, it shall be exclusively in favour of the trader to be in favour of the trader and, consequently, of the Masa. The foregoing shall be without prejudice to the possible criminal action for the offences in question.

The liability action may be exercised:

I.           By the Merchant, and

II.          By the shareholders of the company in question which, individually or as a whole, have the ownership of shares with the right to vote, whether or not limited or restricted, or without the right to vote, representing 25% or more more of the social capital of society.

The plaintiff may compromise the amount of damages, provided that he has previously submitted to the conciliator's approval, or corresponds, the terms and conditions of the relevant judicial agreement. The lack of such formality will be a cause of relative nullity.

The exercise of the actions referred to in this Article shall not be subject to compliance with the requirements laid down in Articles 161 and 163 of the General Law of Mercantile Companies. In any event, such actions shall comprise the total amount of the responsibilities in favour of the Merchant and not only the personal interest of the plaintiff or the plaintiffs.

Actions which are intended to require liability in terms of this Article shall be prescribed in five years from the date on which they were updated the case in question, referred to in Article 270 Bis, which has caused the corresponding property damage.

In any case, the persons who, in the judgment of the judge, have exercised the action referred to in this precept, with fear or bad faith, shall be sentenced to the payment of costs in terms of what is established in the Trade Code.

Article 270 Bis-2.- Management board members and relevant employees will not incur, individually or as a whole, in liability for damages caused to the Merchant when they have caused him or her property damage, arising from the acts, omissions or conduct that they execute or the decisions that they adopt, when acting in good faith, is updated any of the following liability exclusionary:

I.           Den compliance with the requirements that the applicable law or the social statutes establish for the approval of the matters that are competent to know the board of directors;

II.          Make decisions or vote in the sessions of the board of directors based on information provided by relevant employees, the moral person who provides the external audit services or independent experts, whose capacity and credibility do not offer reasonable doubt;

III.         Have selected the most appropriate alternative, to your best knowledge and understanding, or, the possible property damage to the Merchant has not been foreseeable, in both cases, based on the information available at the time of the decision, or

IV.         Comply with the shareholders ' assembly agreements, as long as they are not in violation of the law.

TITLE TENTH FIRST

Criminal aspects of the business contest

Single Chapter

Of Crimes in Business Competition Situation

Article 271.- The merchant declared in a commercial tender by a firm sentence shall be punished with a penalty of three to twelve years in prison for any act or intentional conduct carried out before or after the declaration of the trade contest which causes or aggravates the general non-compliance in the payment of its obligations.

It will be presumed, unless proof to the contrary, that the trader has caused or aggravated the widespread non-compliance in the payment of his obligations when he carries his accounting in a way that does not allow you to know your true financial situation; or alter, falsify, or destroy.

The judge will take into account, to individualize the penalty, the amount of the injury inferred to the creditors and their number.

Article 271 Bis.- When the trader has been declared, by final judgment, in a commercial contest, shall be imposed from three to twelve years of imprisonment, to the members of the board of directors, single administrator, director general, relevant employees to which the Article 270 Bis, or legal representatives of the trader who, by modifying the active or passive accounts or the terms of the contracts, make or order non-existent transactions or expenses to be recorded with knowledge of such circumstance, or that they willfully perform any illegal or prohibited act or operation by the law, generating in any of those alleged damages in the patrimony of the Merchant in question, in its own economic benefit, either directly or through the person, or to the benefit of third parties, including the registration of liabilities in favour of any of the persons referred to in Articles 116 and 117 of this Act.

The penalty referred to in this article will be one to three years in prison when the damage to the Merchant is proven to have been repaired and damaged.

Will not proceed criminally for the offense provided in this article, when persons act in terms of what is established by article 270 Bis-2 of this Law, so as in compliance with the laws governing the acts or conduct referred to in the first paragraph of this article.

Article 272.- The Merchant against which a commercial tender procedure is followed will be punishable by one to three years in prison when required by the judge of the trade contest, do not place his accounting, within the period prescribed by the court of insolvency, at the disposal of the person whom the judge designates, unless the trader proves that it was impossible for him to present it by causes of force majeure or fortuitous cases.

Article 273.- When the Merchant is a moral person, the criminal liability will fall on the members of the board of directors, the administrators, directors, managers or liquidators of the same who are authors or members of the offence.

Article 274.- The one who in case or through another person requests in the commercial contest the recognition of a non-existent or simulated credit will be sanctioned with One to nine years in prison.

Article 275.- The crimes in the context of a business contest will be pursued by complaint. The trader and each of his creditors shall be entitled to claim them, the latter still in the event that any other creditor has withdrawn from his complaint or has granted the pardon.

Article 276.- In the case of a commercial contest, the criminal judge will not be aware of the reparation of the damage, which corresponds to the judge of the contest mercantile.

Article 277.- Crimes in a commercial contest, committed by the Merchant, by persons who have acted on their behalf or by third parties, may be pursued without waiting for the conclusion of the trade contest and without prejudice to the continuation of the competition.

The decisions of the judge you know of the commercial contest do not bind to the criminal jurisdiction. No qualification will be required to pursue these offences.

TENTH SECOND TITLE

Cooperation in international procedures

Chapter I

General provisions

Article 278.- The provisions of this Title shall apply to cases where:

I.      A Foreign Court or Foreign Representative requests assistance in the Mexican Republic in connection with a Foreign Procedure;

II.     Assistance is requested in a foreign State in connection with a procedure being processed under this Law;

III.    They are being processed simultaneously and in respect of the same Merchant a Foreign Procedure and a procedure in the Mexican Republic according to this Law, or

IV.    Creditors or other interested persons, who are in a foreign State, have an interest in requesting the opening of a procedure or in participating in a procedure that is being dealt with under this Law.

Article 279.- For the purposes of this Title:

I.      A foreign procedure shall mean collective proceedings, whether judicial or administrative, including the provisional procedure, which is followed in a foreign State under a law relating to the commercial competition, bankruptcy or the insolvency of the trader and under which the goods and businesses of the trader are subject to the supervision or supervision of the Foreign Court for the purposes of its reorganisation or liquidation;

II.     The main foreign procedure shall be the Foreign Procedure to be followed in the State where the Merchant has the centre of his principal interests;

III.    Non-Principal Foreign Procedure shall mean a Foreign Procedure, followed in a State where the Merchant has an establishment as described in section VI of this Article;

IV.    A foreign representative shall mean the person or body, including the person appointed on a provisional basis, who has been authorised in a foreign procedure to administer the reorganisation or liquidation of the goods or businesses of the Trader or to act as representative of the Foreign Procedure;

V.     A Foreign Court shall mean the judicial or other authority competent for the purposes of the control or supervision of a Foreign Procedure, and

VI.    ' Establishment shall mean any place of business in which the trader exercises in a non-transitory manner an economic activity with human resources and goods or services.

Article 280.- The provisions of this Title shall apply where no other way is available in international treaties to which Mexico is a party, except that there is no international reciprocity.

Article 281.- The functions referred to in this Title relating to the recognition of Foreign Procedures and in matters of cooperation with Courts Foreigners shall be exercised in accordance with the provisions of this Law, by the judge, the Institute or the person whom the latter designates.

Article 282.- The visitor, the conciliator or the liquidator, shall be entitled to act in a foreign State, to the extent permitted by the foreign law. applicable, in representation of a commercial contest that has been opened in the Mexican Republic according to this Law.

Article 283.- Nothing in this Title may be interpreted in a sense that is contrary to the provisions of Titles I to XI and XIII of this Law, or any manner contrary to the fundamental principles of law prevailing in the Mexican Republic. Accordingly, the judge, the Institute, the visitor, the conciliator or the liquidator shall refuse to take a measure, where it is contrary to the provisions of such Titles or may violate the above principles.

Article 284.- Nothing in this Title will limit the powers that the judge, the Institute, the visitor, the conciliator or the receiver may have for provide additional assistance to the Foreign Representative in accordance with other legal provisions in force in Mexico.

Article 285.- In the interpretation of the provisions of this Title, their international origin and the need to promote uniformity must be taken into account. of their application and the observance of good faith.

Chapter II

From the access of foreign representatives and creditors to the Mexican courts

Article 286.- Subject to the provisions of this Law, any Foreign Representative shall be entitled to appear directly before the Judge in the proceedings which regulates this Law.

Article 287.- The only fact of the filing of an application, by a Foreign Representative, before a court of the Mexican Republic, according to the provisions of this Title, does not imply the submission of this or the goods and business of the Merchant abroad, to the jurisdiction of the Mexican courts for any effect that is different from the application.

Article 288.- Any Foreign Representative shall be entitled to request the opening of a trade contest under this Law, if otherwise fulfilled. the conditions for the opening of that procedure.

Article 289.- Upon recognition of a Foreign Procedure, the Foreign Representative shall be entitled to participate in any contest a merchant that has been opened in accordance with this Law.

Article 290.- Except as provided in the second paragraph, foreign creditors shall enjoy the same rights as national creditors in respect of the the opening of a procedure in this State and the participation in it under this Law.

The provisions of the first paragraph of this Article shall not affect the order of precedence of the claims in a commercial contest declared under this Law, except not Foreign creditor claims shall be assigned a ranking lower than that of the common creditors.

Article 291.- Provided that in accordance with this Law, a procedure is to be notified to creditors residing in the Mexican Republic, that notification must also be made to foreign creditors whose domicile is known and which do not have an address within the national territory. The judge must order the relevant legal measures to be taken to notify any creditor whose domicile is not yet known.

Such notification shall be made to each of the foreign creditors separately, unless the judge considers that any other form of notification is more appropriate in the circumstances of the case. No rogatory letter or any other similar formality will be required.

When foreign creditors are notified of the opening of a procedure, the notification shall, in addition,:

I.      Note a period of forty-five calendar days for the presentation of the credits and indicate the place in which the presentation is to be made;

II.     Indicate whether creditors with secured loans need to file those claims, and

III.    Contain any other information required for such notification in accordance with Mexican law and the judge's resolutions.

Chapter III

Recognition of a foreign procedure and grant measures

Article 292.- The Foreign Representative may ask the judge for recognition of the Foreign Procedure in which he has been appointed.

Any application for recognition must be accompanied by:

I.      A copy certified by the Foreign Court of the resolution declaring the Foreign Procedure open and the Foreign Representative being appointed;

II.     A certificate issued by the Foreign Court certifying the existence of the Foreign Procedure and the appointment of the Foreign Representative, or

III.    In the absence of a test in accordance with fractions I and II, accompanied by any other evidence admissible by the judge of the existence of the Foreign Procedure and the appointment of the Foreign Representative.

Any application for recognition shall be accompanied by a declaration stating the data of all the Foreign Procedures. open in respect of the Merchant of which the Foreign Representative is aware.

The judge must require that any document presented in foreign language in support of a request for recognition be accompanied by its translation into Spanish.

Also, the Address of the Merchant must be expressed for the purpose of the application. The procedure shall be dealt with as an incident between the Foreign Representative and the Merchant, with intervention, as the case may be, of the visitor, the conciliator or the liquidator.

Article 293.- When the recognition of a foreign procedure is sought in respect of a Merchant having an Establishment in Mexico, they shall be observe the provisions of Chapter IV of the First Title of this Law, including those relating to the imposition of precautionary providences.

The judgment referred to in Article 43 of this order shall contain, in addition, the declaration that the Foreign Procedure or Procedures of in question.

The commercial contest shall be governed by the provisions of this Law.

Article 294.- If the Merchant does not have an Establishment in the Republic, the procedure will be followed between the Foreign Representative and the Merchant.

The judgment will be dealt with, following the provisions that, for the incidents, are contained in the 10th Title of this Law. The person requesting the recognition shall indicate the address of the trader for the purposes of the site.

Article 295.- If the resolution or certificate referred to in the second paragraph of Article 292 of this Law indicates that the Foreign Procedure is a procedure as described in section I of Article 279 above and that the Foreign Representative is a person or body in accordance with the fourth subparagraph of Article 279 (4), the judge may presume that this is the case.

The judge shall be entitled to presume that the documents submitted to him in support of the application for recognition are authentic, whether or not they are legalized.

Unless proof to the contrary, it is presumed that the Commercial Address of the Merchant or his habitual residence, if it is a natural person, is the center of his principal interests.

Article 296.- Except as provided for in Article 281 of this Law, recognition shall be granted to a Foreign Procedure when:

I.      The Foreign Procedure shall be a procedure within the meaning of Part I of the previous Article 279;

II.     The Foreign Representative applying for the recognition is a person or an organ within the meaning of Article 279 (IV) of that

;

III.    The application complies with the requirements of Articles 292, 293 and 294 of this Act, as the case may be, and

IV.    The application has been submitted to the competent court.

The Foreign Procedure will be recognized:

I.      As a Principal Foreign Procedure, if it is being processed in the State where the Merchant has the center of its principal interests, or

II.     As a Non-Principal Foreign Procedure, if the Merchant has in the territory of the State of the foreign forum an Establishment within the meaning of section VI of that Article 279.

Article 297.- From the moment the application for recognition of a Foreign Procedure is filed, the Foreign Representative shall inform without delay to the judge:

I.      Any major change in the status of the Foreign Procedure recognised or in the appointment of the Foreign Representative, and

II.     Any other Foreign Procedure to be followed in respect of the same Merchant and of which the Foreign Representative is aware.

Article 298.- From the submission of a request for recognition until such request is resolved, the judge may, at the request of the visitor, of the conciliator. or the receiver, who shall act at the request of the Foreign Representative and where the measures are necessary and urgent to protect the goods of the Merchant or the interests of the creditors, to grant precautionary measures, including the following:

I.      Suspend any enforcement action against the goods of the Merchant;

II.     That the person appointed by the Institute may designate the administrator or executor of all or part of the goods of the Merchant who are in the national territory to protect and preserve the value of those who, by their nature or by concurrent circumstances, whether perishables, susceptible to depreciation, or are threatened by any other cause, and may be referred to by the Foreign Representative, and

III.    Apply any of the measures provided for in Part III, IV and VI of the first paragraph of Article 300 of this Law.

For the adoption of the precautionary measures referred to in this Article, the provisions of this order shall be observed, as far as appropriate. concerning the precautionary measures.

Unless they are extended as provided for in Part V of the first paragraph of Article 300 of this Law, the measures granted pursuant to this Article will be without effect when a resolution on the request for recognition is issued.

The judge may refuse any measure provided for in this Article where such a measure affects the development of a Principal Foreign Procedure.

When the Merchant has an establishment within the Mexican Republic, to request the measures referred to in this article, it will be necessary to sue the recognition of the Foreign Procedure in question.

Article 299.- From the recognition of a Main Foreign Procedure:

I.      Any enforcement action against the goods of the Merchant shall be suspended, and

II.     Any right to transmit or to tax the goods of the Merchant, as well as to dispose of any other mode of such goods, shall be suspended.

The scope, modification and extinction of the cessation and suspension effects of the first paragraph of this article shall be subject to the provisions of this Article. in Chapter I of Title III of this order, on the suspension of enforcement procedures during the conciliation period.

Article 300.- From the recognition of a Foreign Procedure, if necessary to protect the goods of the Merchant or the interests of the creditors, the Foreign Representative may urge the visitor, the conciliator or the liquidator to ask the judge for any appropriate measure, including the following:

I.      To suspend any enforcement action against the goods of the Merchant, as soon as it has not been brought to a standstill in accordance with the first paragraph of Article 298 of this Law;

II.     To suspend the exercise of the right to transmit or to tax the goods of the Merchant, as well as to dispose of such goods in some other way, as soon as that right has not been suspended in accordance with the previous Article 299;

III.    Arrange for the presentation of evidence or the provision of information regarding the goods, businesses, rights, obligations or responsibilities of the Merchant;

IV.    Entrust the Foreign Representative, the visitor, the conciliator or the liquidator, the administration or the realization of all or part of the goods of the Merchant, who are in the national territory;

V.     Extend all precautionary measures granted in accordance with the first paragraph of Article 298, and

VI.    Grant any other measure that, under Mexican law, is granted to the visitor, the conciliator or the liquidator.

From the recognition of a Foreign Procedure, the Foreign Representative may urge the visitor, the conciliator or the liquidator to entrust the Foreign Representative or other person appointed by the Institute, the distribution of all or part of the goods of the Merchant who are in the national territory, provided that the judge ensures that the interests of the creditors domiciled in Mexico are sufficiently protected.

By declaring the measures provided for in this article to the representative of a non-Principal Foreign Procedure, the judge must ensure that the measures thus agreed (a) goods which, in accordance with Mexican law, are to be administered in the framework of the Non-Principal Foreign Procedure or which relate to information required in that Foreign Non-Principal Procedure.

Article 301.- By granting or denying a measure in the terms of Articles 298 or 300 of this Act or by modifying or leaving no such measure on the basis of the Third paragraph of this article, the judge shall ensure that the interests of the creditors and other interested persons, including the Merchant, are duly protected.

The judge may make any measure decreed pursuant to Articles 298 or 300 of this Law subject to the conditions it deems appropriate.

At the request of the Foreign Representative or of any person affected by any measure falling within the meaning of Articles 298 or 300, or ex officio, the Judge may modify or leave the measure without effect. The procedure shall be carried out on the incidental and with the hearing of the visitor, the conciliator or the receiver if any.

Article 302.- Upon recognition of a Foreign Procedure, the Foreign Representative shall be entitled to ask the visitor, conciliator or the (a) to initiate the recovery of goods belonging to the Masa and to the nullity of acts concluded in the fraud of creditors referred to in Chapter VI of Title III and Articles 192 and 193 of this Law.

Article 303.- From the recognition of a Foreign Procedure, the Foreign Representative may be authorized to intervene in the proceedings to which he refer to Articles 83 and 84 of this order.

Chapter IV

Cooperation with foreign courts and representatives

Article 304.- In the cases referred to in Article 278 of this Law, the judge, the visitor, the conciliator or the liquidator shall cooperate in the exercise of their functions and to the extent possible, with foreign courts and representatives.

The judge, the visitor, the conciliator or the liquidator shall be entitled, in the exercise of their duties, to be in direct communication without any necessary letters. rogatory or other formalities with the courts or foreign representatives.

Article 305.- The cooperation referred to in Article 304 may be implemented by any appropriate means, and in particular by:

I.      The appointment of a person or an organ to act under the direction of the judge, the conciliator, the visitor or the liquidator;

II.     The communication of information by any means that the judge, the visitor, the conciliator or the liquidator, consider appropriate;

III.    The coordination of the administration and supervision of the goods and businesses of the Merchant;

IV.    The approval or application by the courts of the agreements relating to the coordination of procedures, and

V.     The coordination of procedures that are being followed simultaneously with respect to the same Merchant.

Chapter V

Of the parallel procedures

Article 306.- The effects of the recognition of a Principal Foreign Procedure and the constitution in a state of commercial competition to a foreign trader, in respect of the establishment which has in the Mexican Republic and the effects of the recognition of a Principal Foreign Procedure, in respect of a trader who has only goods within the Mexican Republic, shall be limited to the establishment of the Merchant who is within the Republic and, in the the measure required for the implementation of the cooperation and coordination provided for in Articles 304 and 305 of this Law, to other goods of the Merchant which, according to Mexican law, are to be administered in this proceeding.

Article 307.- When they are being processed simultaneously and with respect to the same Merchant a Foreign Procedure and a procedure under this Law, the Judge shall endeavour to cooperate and coordinate his actions with those of the other procedure, in accordance with Articles 304 and 305 thereof, in the following terms:

I.      When the procedure followed in Mexico is in progress at the time of the application for recognition of the Foreign Procedure:

a) Any measure granted under the previous Articles 298 or 300 must be compatible with the procedure followed in Mexico, and

b) To recognize the Foreign Procedure in Mexico as the Main Foreign Procedure, Article 306 of this Law shall not apply;

II.     When the procedure followed in Mexico is initiated after recognition, or once the application for recognition of the Foreign Procedure has been filed:

a) Any measure which is in force under the terms of Articles 298 or 300 shall be re-examined by the judge and amended or revoked if it is incompatible with the procedure in Mexico, and

(b) The Foreign Procedure has been recognized as the Main Foreign Procedure, the standstill or suspension in question in the first paragraph Article 298 shall be amended or revoked in accordance with the second paragraph of Article 298 if it is incompatible with the open procedure in Mexico, and

III.    By granting, extending or modifying a measure granted to a representative of a non-Principal Foreign Procedure, the judge shall ensure that such a measure affects goods which, according to Mexican law, must be administered in the Foreign Non-Principal Procedure, or concerns information required for that procedure.

Article 308.- In the cases referred to in the previous Article 298, when more than one Foreign Procedure is followed with respect to the same Merchant, the Judge ensure that there is cooperation and coordination in accordance with the provisions of Articles 304 and 305 of this Law, and the following rules shall apply:

I.      Any measure granted pursuant to Articles 298 or 300 to a representative of a Non-Principal Foreign Procedure, once a Principal Foreign Procedure has been recognised, shall be compatible with the latter;

II.     Where a Principal Foreign Procedure is recognised after the recognition or after the application for recognition of a Non-Principal Foreign Procedure has been lodged, any measure which is in force in accordance with those referred to above Articles 298 or 300 shall be re-examined by the judge and amended or left without effect if it is incompatible with the Main Foreign Procedure, and

III.    Where, once a non-Principal Foreign Procedure is recognized, recognition is granted to another non-Principal Foreign Procedure, the judge shall grant, modify or leave without effect any measure to facilitate the coordination of procedures.

Article 309.- Except proof to the contrary, the recognition of a Principal Foreign Procedure will make it presumed that the Merchant has incurred non-compliance (a) the general rules governing the application of Article 3 (1) (a) of Regulation (EU) No 9/2014

Article 310.- Without prejudice to the rights of credit holders with special privilege, with collateral or real rights, a creditor who has received a partial recovery in respect of its claim in a procedure followed in a foreign State, in accordance with a rule relating to insolvency, it may not receive a new dividend for that same credit in insolvency proceedings which are (a) continue under this Act in respect of that same trader, whereas the the dividend received by other creditors of the same category is proportionally lower than the claim already received by the creditor.

THIRTEENTH TITLE

From the Federal Institute of Commercial Concourse Specialists

Chapter I

Nature and Privileges

Article 311.- The Federal Institute of Specialist Concourse Specialists is created, as an auxiliary organ of the Council of the Federal Judicature, with autonomy technical and operational, with the following privileges:

I.      Authorize registration in the register corresponding to persons who are accredited to cover the requirements necessary for the performance of the duties of a visitor, conciliator and receiver in the procedures of a commercial tender;

II.     Constitute and maintain the records of visitors, reconciliators, and syndicates;

III.    Revoke, in cases in which in accordance with this Law, authorization for the performance of the duties of a visitor, conciliator and liquidator in the procedures of a commercial contest;

IV.    Designate the persons who will perform the duties of a visitor, conciliator and receiver in each business contest, from among those registered in the corresponding records;

V.     Establish by means of general application provisions, random procedures for the designation of visitors, conciliators or syndicates;

VI.    Develop and apply public selection and updating procedures for the authorization of a visitor, conciliator or receiver, and must publish in advance in the Official Journal of the Federation, the corresponding criteria;

VII.   Establish the regime applicable to the remuneration of the visitors, conciliators and syndicates, for the services they provide in the procedures of commercial competition;

VIII. Monitor the provision of services by visitors, conciliators and syndicates, in the procedures of commercial competition;

IX. Fungir as a consultative body of the visitor, the conciliator and the liquidator, in his or her character as the organ of the commercial contest and, where appropriate, of the organs the courts responsible for the application of this Law, as regards the criteria for the interpretation and application of its provisions, in order to achieve the attainment of the purposes set out in the second paragraph of Article 1. of this order. The opinions issued by the Institute for the exercise of this attribution shall not be binding;

X. Promote the training and updating of the visitors, conciliators and syndicates, enrolled in the corresponding records;

XI. Perform and support analysis, studies, and investigations related to their functions;

XII. Spread its functions, objectives and procedures, as well as the provisions it issues under this Law;

XIII. Elaborate and release statistics regarding commercial competitions;

XIV. Exorder the general rules necessary for the exercise of the privileges indicated in fractions IV, V, VII and XII of this article;

XV. Report semestrally to the Union Congress on the performance of their duties, and

XVI. The others who trust you this Law.

Article 312.- The Merchant who faces economic or financial problems, will be able to go before the Institute for the purpose of choosing a conciliator, from among those which are registered in the register of the Institute, to serve as a friendly component between it and its creditors. Any creditor who has an expired and unpaid credit in his favor will also be able to go to the Institute to make his or her knowledge such a situation and ask for the list of conciliators.

The Institute shall notify the applicant in writing, within 15 calendar days of the date of the corresponding application, of the list to which it is refers to the previous paragraph. The conciliator's fees shall be borne by the applicant.

In no case shall the Institute be liable for acts performed by the conciliator that the Merchant or, if any, any creditor has chosen.

Chapter II

From the organization

Article 313.- The Institute shall be entrusted to a Board of Directors, which shall be supported by the administrative structure to be determined by the budget authorized.

Article 314.- The Board of Directors shall be composed of the Director General of the Institute and four vowels, appointed by the Council of the Federal Judiciary, to proposal of its President; the appointments must seek a multidisciplinary integration of the members of the Board, covering the administrative, accounting, economic, financial and legal matters.

Article 315.- The Director General of the Institute will last for six years and the vowels eight years, will be replaced in a staggered manner and can be designated for more than one period.

Article 316.- Board members must meet the following requirements:

I.      Being a Mexican citizen in full exercise of your rights;

II.     Be of recognized probity;

III.    Have performed, in administrative, accounting, economic, financial or legal matters related to the purpose of this Law, high liability, advisory, teaching or research activities, for at least seven years;

IV.    Not having been convicted by executing sentence for intentional offense that deserves corporal punishment; nor is it disabled to perform employment, office or commission in the public service, in the financial system, or to exercise commerce;

V.     Not to be a spouse, concubine or concubinaire, or to have parentage within the fourth grade by consanguinity or second by affinity, or civil kinship with any other member of the Board of Directors, and

VI.    Do not have pending litigation against the Institute.

Article 317.- The vacancy of any member of the Board of Directors shall be covered by new designation in accordance with the provisions of Article 314 of this Law. If the vacancy occurs prior to the termination of the respective period, the person designated to cover it will last in his/her order for the time he/she will miss out on the replacement.

Article 318.- Members of the Board of Directors may only be removed when any of the following circumstances occur:

I.      For non-compliance with their duties or negligence in their performance;

II.     The mental or physical inability to prevent the correct exercise of their functions for more than six months;

III.    The performance of any employment, position or commission, other than those provided for in Article 320 of this Act;

IV.    Stop being a Mexican citizen or gathering any of the requirements outlined in section IV of Article 316 of this Law;

V.     Failure to comply with the agreements of the Board of Directors or to act deliberately in excess or defect of their privileges;

VI.    Use, for the benefit of itself or third parties, the confidential information available to you on the basis of your charge, or disclose such information without the authorization of the Board of Directors;

VII.   Subject to consideration of the Board of Directors, false information having knowledge of it, and

VIII. To be absent from work for more than five days without the authorization of the Board of Directors or without a cause of force majeure or justified reason. The Board may not authorize absences for more than three consecutive months or accumulated in a calendar year.

Article 319.- Compete the Council of the Federal Judicature to rule on the existence of the causes of removal noted in the previous immediate article, be able to do so at the request of at least two of the members of the Board of the Institute.

Article 320.- Members of the Board may not during the time of their assignment, accept or exercise any other employment, position or commission, except for paid for teaching or in public or private social assistance institutions.

Article 321.- The Board has the following inselectable faculties:

I.      Issue the general rules referred to in this Law;

II.     Approve the basic administrative structure of the Institute as well as, where appropriate, the headquarters of the regional delegations;

III.    Approve the organization and procedure manuals, and in general the internal regulations of the Institute;

IV.    Periodically evaluate the activities of the Institute;

V.     Require the necessary information from the Director General of the Institute to carry out its assessment activities;

VI.    Appoint the secretary of the Board of Directors, from among the public servants of the Institute of the highest hierarchy according to its rules of procedure, and

VII.   Resolve other matters which the Director-General of the Institute or any member of the Board of Directors may consider should be approved by the Board.

Article 322.- The ordinary sessions of the Board of Directors shall be verified at least every three months, without prejudice to the convening of the Director General of the Institute or by means of a request to be made by at least two of the members of the Board of Directors, when he considers that there are reasons of importance for this.

Article 323.- The Board will be validly biased with the assistance of at least three of its members. Resolutions shall be taken by a majority of votes of the members present and the Director-General of the Institute shall have a vote of quality in the event of a tie.

Article 324.- The Director General of the Institute will have the following attributions:

I.      Manage the Institute;

II.     Represent the Institute;

III.    Comply and enforce resolutions taken by the Board of Directors and publish them where appropriate;

IV.    Designate the staff of the Institute;

V.     Subject to the approval of the Board of Directors, the proposal for the basic administrative structure of the Institute, as well as the establishment and headquarters of the regional delegations;

VI.    Subject to consideration by the Board of Directors, the programs, as well as the standards of organization and operation of the Institute, and

VII.   The others who trust this Law and other ordinances.

Chapter III

From visitors, reconciliators, and syndicates

Article 325.- Persons interested in carrying out the duties of a visitor, conciliator or liquidator in the proceedings of a commercial tender must apply to the Institute its registration in the respective register, in accordance with the provisions laid down in this Chapter.

Article 326.- To be registered as a visitor, conciliator or receiver, interested persons must submit in writing their application to the Institute, with the documents certifying compliance with the requirements set out in the following fractions:

I.      Having relevant experience of at least five years in the field of business administration, financial, legal or accounting advice;

II.     Do not perform employment, office or commission in the Public Administration, nor be part of the Legislative or Judicial Powers, in any of the three areas of government;

III.    Be of recognized probity;

IV.    Comply with the selection procedures applied to you by the Institute, as well as the update procedures to be determined by the Institute, and

V.     Not having been convicted by executed sentence, for intentional offense that deserves corporal punishment, nor disabled for employment, office or commission in the public service, financial system, or to exercise commerce.

(Last paragraph is repealed)

Article 327.- Visitators, reconciliators or syndicates shall be responsible for their correct performance in each market contest for which they are designated, by means of the the guarantee to be determined by the Institute, by means of general provisions.

Article 328.- They may not act as visitors, conciliators or syndicates in the business contest procedure in question, the persons who are in any of the following assumptions:

I.      To be a spouse, concubine or concubinaire or relative within the fourth degree by consanguinity or second by affinity, of the Merchant subject to a commercial contest, of any of its creditors or of the judge before which the procedure;

II.     Be in the same situation as the previous fraction with respect to the members of the administrative organs, when the Merchant is a moral person and, where appropriate, the unlimitedly responsible partners;

III.    Be a lawyer, proxy or authorized person, of the Merchant or any of its creditors, in any pending trial;

IV.    Maintain or maintain during the immediate six months prior to its designation, employment relationship with the Merchant or any of the creditors, or lend or have lent to him during the same period, professional services Independent as long as these imply subordination;

V.     Be a member, landlord or tenant of the Merchant or any of its creditors, in the process to which it is designated, or

VI.    Having direct or indirect interest in the trade contest or being a close friend or manifest enemy of the Merchant or any of its creditors.

The incompatibility referred to in the VI fraction shall be of free judicial assessment.

Article 329.- Visitators, conciliators or syndicates who are in any of the assumptions provided for in the previous article, must be excused; they shall be subject to the administrative penalties applicable in accordance with this Law and those which the Institute may determine. The foregoing, without prejudice to the fact that the judge of trade, or the trader or any creditor or financial controller through the judge, may request the Institute to replace him, from the moment they are aware of the fact, regardless of the criminal liability in which the visitors, conciliators or syndicates may incur.

Article 330.- In the event that the procedure was initiated, a supervenient impediment was given, the visitor, conciliator or receiver must do so of the immediate knowledge of the Institute; otherwise, the legal penalties referred to in the previous Article shall apply to it.

In any case, the visitor, conciliator or receiver who is located in the case provided for in the preceding paragraph, shall remain in the exercise of his duties until in it is designated, where appropriate, to whom it is to replace it, and must provide the information and documents to which it has had access and the goods of the Merchant which it has had in its possession for its functions.

Article 331.- The visitor, conciliator and receiver may only be excused from their designation when there is legal or sufficient legal impediment to the judgment of the Institute to immediately resolve in order to avoid damage to the insolvency proceedings.

Article 332.- They are the duties of the visitor, conciliator and receiver, the following:

I.      Exercise and diligently exercise the functions entrusted to them by this Law, within the time limits laid down by this Law;

II.     Monitor and monitor the correct performance of people assisting them in performing their duties;

III.    Carry out the procedural actions imposed on them by this Law in a clear and orderly manner, making available to any interested creditor and the Merchant the relevant information for their formulation, at the expense of the creditor who has carried out the appropriate written request;

IV.    To be accountable to the judge for their management at the periodicity established in this Law;

V.     Save due confidentiality with respect to industrial secrets, procedures, patents and trademarks, which for their performance come to be known, in terms of the provisions of the legislation applicable to industrial and intellectual property, as well as the meaning of the procedural actions which in terms of this Law are required to be carried out;

VI.    Refrain from disclosing or using for the benefit of others or third parties, the information obtained in the performance of their duties;

VII.   Provide the Institute with all kinds of facilities for the inspection and supervision of the exercise of its functions;

VIII. Comply with the general provisions of the Institute, and

IX.    Comply with others that this or other laws establish.

Article 333.- The visitor, conciliator and receiver, as well as their auxiliaries, shall be entitled to the collection of fees for the performance of the functions that are Law entrusts them. The scheme applicable to fees shall be determined by the Institute by means of general rules, in accordance with the following:

I. They shall be considered to be an ordinary transaction of the Merchant, so that, when equating to the assumption set out in Article 75, it shall not be to discontinue payment by the administration, regardless of the stage of the insolvency proceedings;

II. Will be paid on the terms determined by the Institute, which will take into consideration as to the temporality in which they are to be covered, what is foreseen in the last paragraph of this article, and

III.    They shall be in accordance with the conditions of the labour market and have the effect of obtaining the registration of suitable and qualified persons for the performance of their duties in the register referred to in the following Chapter.

In any case, the remuneration of the conciliator and the receiver will be linked to their performance.

Chapter IV

From the registry of visitors, reconciliators, and syndicates

Article 334.- The Institute will keep an updated record of visitors, conciliators and syndicates, differentiated according to the categories that the effect determines by means of general provisions.

Only persons who are registered in the corresponding register, except as provided in the register, may serve as visitors, conciliators or syndicates. Articles 147 and 174 of this Law.

Article 335.- The designation of visitors, conciliators and syndicates for commercial tender procedures shall be carried out by means of random procedures to be determined by the Institute through provisions of a general nature.

Article 336.- The Institute may impose administrative sanctions on visitors, conciliators and syndicates, depending on the seriousness of the offence committed. provided in this Law, admonition, temporary suspension or cancellation of their registration.

Article 337.- The Institute may determine the cancellation of the registration of visitors, conciliators or syndicates, when:

I.      Do not perform your functions properly;

II.     Do not comply with any of the update procedures applied by the Institute;

III.    Be convicted by executed sentence, intentional offense that deserves corporal punishment, or are disabled for employment, office or commission in the public service, financial system, or to exercise commerce;

IV.    Perform employment, office or commission in the Public Administration, or be part of the Legislative or Judicial Powers in any of the three areas of government;

V.     Rehuse the performance of the functions assigned to you in terms of this Law in any commercial contest to which they have been assigned without the fact that the Institute has sufficient cause for judgment, or

VI.    They have been convicted of a judgment in order to pay damages arising from any commercial competition to which they have been assigned.

Article 338.- The Board of Directors of the Institute shall decide on the admonition, the temporary suspension or the cancellation of the registration of the visitors, Conciliators and syndicates, giving an audience to the person concerned. No action shall be taken against the decision of the Board of Directors.

FOURTH TITLE

Of the merchant contest with pre-structure plan

Article 339.- The merchant tender request with restructure plan is allowed to be processed when:

I. The application meets all the requirements that Article 20 of this Law mandates;

II.        The application is signed by the Merchant with the holders of at least the simple majority of the total of its debits.

For the admission of the trade contest with restructure plan it will be sufficient that the Merchant manifest under protest of telling truth that the persons who sign the application represent at least the simple majority of the total of their debits;

III. The Merchant Manifest in protest of telling the truth that:

a) It is within any of the assumptions of Articles 10 and 11 of this Law, explaining the reasons, or

b) It is imminent that it is within any of the assumptions of Articles 10 and 11 of this Law, explaining the reasons.

Due to imminence an inevitable period of ninety days must be understood, and

IV. The application is accompanied by a proposal for a plan for the restructure of the Merchant, signed by the creditors referred to in section II.

Article 340.- The Merchant and the creditors who subscribe to the application for a commercial tender with a restructure plan may ask the judge for the providences (a) precautionary measure provided for in Article 37 of this Law and the Trade Code.

Article 341.- If the request for a business contest with a restructure plan meets all the above requirements, the judge will dictate the judgment declaring the market competition with a restructure plan without the need to designate a visitor.

Article 342.- The judgment of a business contest must meet the requirements that this Law requires and from that moment on the commercial contest with plan of restructure shall be treated as an ordinary commercial tender, with the sole exception that the trader or, where appropriate, the conciliator shall submit to a vote and subsequent judicial approval the restructure plan displayed with the application.

TRANSIENT

FIRST.- This Law will take effect the day after its publication in the Official Journal of the Federation.

SECOND.- The Bankruptcy and Suspension of Payments Act published in the Official Journal of the Federation on April 20, 1943, is repealed and repealed or modify all other legal provisions that are contrary to the provisions of this Law.

THIRD.- References that other laws and provisions make to the state or procedures for bankruptcy and suspension of payments shall be construed as referring to the trade contest.

FOURTH.- The parastatal public administration entities that are not constituted as commercial companies will not be declared in a commercial contest.

Mutual insurance institutions and companies, the institutions of bonds, reinsurance and reinsurance institutions shall be governed by the provisions of their laws. special.

QUINTO.- The procedures for bankruptcy and suspension of payments that would have been initiated prior to the entry into force of this Law, will continue to be governed by the Bankruptcy and Suspension of Payments Act published in the Official Journal of the Federation on April 20, 1943.

SIXTH.- Within the thirty calendar days following the entry into force of this Law, the Institute shall be installed and within sixty days

or natural disasters, such as natural or man-made materials, or other natural or natural

In case any application or claim is filed for the declaration of a merchant's trade contest without the first of the provisions of the first paragraph of this Article, such application or claim shall be suspended until the installation of the Institute has been completed and the relevant regulations have been issued.

SEVENTH.- The designation of the members of the Board of Directors of the Institute shall be made within thirty calendar days following the entry into force of the Law. The Board of Directors shall enter into office within five calendar days following the appointment of its members.

The period of the first Director General of the Institute will conclude on December 31, 2003. The periods of the first four vowels shall be completed on 31 December 2000, 2002, 2004 and 2006 respectively.

EIGHTH.- The provisions of Article 87 shall apply only to stipulations that are included in contracts concluded from the entry into force of this Agreement. Law.

NINTH.- Within 5 years of its entry into force, this Law shall not apply to traders who, at the date of entry into force of this Law, have a liability which, computed as the sum of the nominal value of each credit to the date of their hiring, do not exceed your equivalent of five hundred thousand UDIs, unless you voluntarily and in writing agree to submit to this Law.

ARTICLE SECOND.- ..........

TRANSIENT

ONLY ARTICLE.- ..........

Mexico, D. F., as at 27 April 2000.-Dip. Francisco José Paoli Bolio, President.-Sen. Enrique González Pedrero, Acting Vice President.-Dip. Marta Laura Carranza Aguayo, Secretary.-Sen. Raul Juarez Valencia, Secretary.-Rubicas".

In compliance with the provisions of Article 89 of the Political Constitution of the United Mexican States, and for their due publication and observance, I request the present Decree at the residence of the Federal Executive Branch, in Mexico City, Federal District, at the eight days of May of two thousand.- Ernesto Zedillo Ponce de León.-Heading.-The Secretary of Government, Diodoro Carrasco Altamirano.-Heading.