Bankruptcies during the first trimester of 2021 in Mexico.

 

During the first trimester of 2021, 5 petitions in bankruptcy were filed, notified, and registered on the Federal Insolvency Institute's records.[1]

 

Dentix Mexico Health, S.C. (Dentix).

          Dentix, a Mexican subsidiary of a Spanish holding, filed a voluntary petition in bankruptcy on December 28th, 2020. This is an interesting case, provided that Dentix is not a merchant debtor under the Mexican Bankruptcy Law. Not being a merchant debtor is sufficient to dismiss the petition in limine, yet the petition was not dismissed. However, the court can still deny the adjudication in bankruptcy once the pre-bankruptcy procedure is finalized.

 

Financiamiento Progresemos, S.A. de C.V., SOFOM E.N.R. (Progresemos).

          Progresemos, an unregulated financial company that grants micro-loans, filed a voluntary bankruptcy petition on January 6th, 2021. According to its website, the mains lenders of Progresemos are Bansefi, Scotiabank, Nafinsa, ABC Capital, Financiera Nacional para el Desarrollo, Microvest, Incofin, DWM Development Word Market, FC del Banco Interamericano de Desarrollo and Kandeo Private Equity Fund.[2]

 

Siempre Creciendo, S.A. de C.V., SOFOM E.N.R. (Creciendo).

          Creciendo, an unregulated financial company that grants micro-loans to women, filed a voluntary bankruptcy petition on January 8th, 2021. Creciendo has been on the market for more than 12 years and has about 108,860 clients.[3]

 

Grupo Romatex de México, S.A. de C.V. (Romatex).

          Romatex, a textile and clothing company, filed a voluntary petition in bankruptcy in the liquidation stage on February 9th, 2021.

 

VG Materiales, S.A. de C.V. (VG).

          VG, a construction materials distributor, filed a voluntary petition in bankruptcy in the reorganization stage on February 12th, 2021. VG has been on the market for more than 45 years through its holder Grupo Promenosa.[4]

 

          None of the abovementioned debtors has been adjudicated in bankruptcy yet.

 

          For further information about bankruptcy law in Mexico, my work "Bankruptcy Law in Mexico", written in English, can be accessed at https://works.bepress.com/francisco-rodrigueznepote/4/, where it can be downloaded freely. A complete translation of the legal text can be found there, as well.

 

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