International Insolvency & Restructuring Report 2023-24

Luis Palomino autor

The idea behind this article is that in a few lines the reader will have a clear idea of the four basic changes needed to improve the Mexican insolvency system

to improve the Mexican insolvency system. The great news is that one of them just happened a year ago in 2022. Regarding the other three, the forum of Mexican lawyers dedicated to insolvency, together with the competent authorities, are working hard to make them happen soon, and it is in these spaces where we hope to draw the attention of institutions such as the World Bank, UNCITRAL, III2 , IICD3 , INSOL and our colleagues within these institutions to achieve it.

Since the entry into force of the Mexican Insolvency Law “Ley de Concursos Mercantiles” (LCM) in May 2000, we have had a problem: The Federal District Courts were given exclusive jurisdiction to hear all insolvency proceedings in Mexico.

As a result, all insolvency proceedings in our country were heard by judges who were not specialised in the matter, since they were specialists in amparo proceedings and in civil, administrative and labour matters, including criminal matters.

Said courts had never conducted an insolvency trial, they were never prepared for it and for 22 years they have more or less rejected this type of proceeding. Proof of this is that in Mexico, from 2000 to date, less than 1,000 proceedings of this nature have been processed and the proceedings that have been rejected by district judges throughout the Mexican Republic are countless.

As a cultural fact, restructuring and bankruptcy proceedings before the LCM became effective in Mexico were processed in the local courts of each state in Mexico. It was these state courts that were the ones that had the knowledge and experience to carry out the conduct of all “suspensiones de pago” and bankruptcies in Mexico.

Toronto Best lawyers


Last April 28th and 29th of this year 2023 in the city of Toronto Canada, our firm PFH Lawyers through its partners @Luis Palomino and @Miguel Hernandez participated in the first face-to-face meeting of the year of the IFG (International Fraud Group).

At the meeting, which took place at the offices of the firm Bennett Jones, Gary Miller (partner at Mishcon de Reya) together with the main committee of the IFG (England, Spain, Brazil, USA, Singapore) formally welcomed PFH Lawyers as a new member of the Association, being the first (and only) representative firm in Mexico.

PFH en Toronto
PFH en Toronto

The IFG is an association founded more than 27 years ago on the initiative of the English law firm   Mishcon de Reya, with a presence today in over 53 jurisdictions with more than 45 members, whose lawyers are highly specialized in insolvency, fraud and asset recovery actions; dedicated to generating a very sophisticated and select network in each of its areas, including now crypto-assets and cyber-fraud.


We are proud to belong to this network and generate alliances with our new partners, which we proudly share and put at the service of our clients and friends.

Fraud we see it all

For more information about the scope and services we can offer you with such a network, we invite you to visit the IFG website at internationalfraudgroup.comyes, as well as from our office