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Mexico

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As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, and governments and health authorities work tirelessly to defeat it, major economies are experiencing mounting pressure as consumer spending, production and investment are drastically curtailed due to virus-related risks.We recognize that many of our clients are also facing significant and urgent business impact and legal challenges.Our Baker McKenzie teams across the world are working with clients, regulators and various authorities to produce a…

The Mexican insolvency and bankruptcy law (“Ley de Concursos Mercantiles” or “LCM“) that came into effect on May 12, 2000, abrogated the Mexican Bankruptcy and Suspension of Payments Law.  One of the stated purposes of the LCM was to mitigate the impact that  globalization and the free market had on Mexican corporations, especially after ratification of the North American Free Trade Agreement in 1994.  The LCM, therefore, seeks to preserve businesses facing a general default on the payment of their obligations and thereby preserve jobs in Mexico.