On March 16, 2022, the Guidelines for Conducting the Administrative Sanctioning Procedure for Commercial Bankruptcy Specialists, issued by the Director General of the Federal Institute of Commercial Bankruptcy Specialists (“IFECOM”), were published in the Official Gazette of the Federation.
IFECOM IFECOM has powers derived from the Commercial Bankruptcy Law to impose administrative sanctions on the examiners, conciliators, and receivers that are part of the registry of specialists. Accordingly, it is the responsibility of IFECOM’s Board of Directors to resolve the administrative sanctioning proceedings that may have been initiated against the specialists. Administrative Sanctioning Procedure The procedure is initiated ex officio or at the request of the Judge hearing the bankruptcy case. Where appropriate, the Board of Directors issues a resolution: (i) initiating the procedure; (ii) setting out the conduct attributed to the specialist; and (iii) granting a period of nine days for the specialist to state in writing whatever is in their interest, and this period may be extended, on one single occasion, by an additional nine days. Once the specialist’s statements have been received, the Board of Directors will issue a resolution granting a period of thirty days to offer and present evidence. Upon conclusion of the evidentiary period, the Board of Directors will issue a resolution granting the specialist a period of three days to submit closing arguments in writing. Finally, within a period of forty-five days, the Board of Directors will issue the corresponding resolution, against which no appeal shall lie. You will find the link to the website of the Official Gazette of the Federation by clicking here. 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
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