On March 16, 2022, the Guidelines for Conducting the Procedure of Administrative Sanctioning of Insolvency Specialists issued by the Director General of the Federal Institute of Commercial Bankruptcy Specialists (“IFECOM”) were published in the Federal Official Gazette.
IFECOM
IFECOM is empowered by the Bankruptcy Law to impose administrative sanctions on the examiners, conciliators and receivers that are registered in the registry of specialists. Accordingly, the Board of Directors of IFECOM (“Board”) is responsible for resolving the administrative sanction procedures initiated against the specialists.
Administrative Sanctioning Procedure
The procedure is initiated ex officio or at the request of the Court hearing the bankruptcy proceedings. If appropriate, the Board issues a resolution: (i) initiating the proceeding; (ii) stating the conduct of the specialist; and (iii) granting a term of nine days for the specialist to submit a written statement in his or her defense, which term may be extended one time for nine more days.
Once the specialist’s statement has been received, the Board will issue an order granting a term of thirty days to file and present evidence. At the end of the evidentiary period, the Board will issue an order granting the specialist a term of three days to file closing arguments.
Finally, within forty-five days, the Board will issue the corresponding resolution, against which no appeal will be allowed.
You will find the link to the page of the Official Gazette of the Federation by clicking here.
Guidelines for Conducting the Procedure of Administrative Sanctioning of Insolvency Specialists
For any additional information, please contact our experts:
Diego Sierra, Partner: +52 (55) 5258 1039 | dsierra@vwys.com.mx
Jessika Rocha, Partner: +52 (55) 5258 1077 | jrocha@vwys.com.mx