Best Restructuring & Insolvency Lawyers in Cancún

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Ojeda y Caro S. C.
Cancún, Mexico

Founded in 2016
20 people in their team
English
Portuguese
Spanish
French
Korean
About UsWith over four decades at the legal forefront, our firm stands out in delivering expert consultation and representation for domestic and international enterprises. Our practice is anchored in a pro-business ethos, designed to amplify our clients' benefits while minimizing risk through...
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De Hoyos Aviles
Cancún, Mexico

Founded in 1964
50 people in their team
English
Spanish
De Hoyos y Aviles is a Mexican Law Firm founded in 1964. Its partners have an overall experience of at least twenty years working on real estate and commercial transactions, M&A, and/or complex litigation cases. The firm's partners have an international profile; part of their daily practice is...

Founded in 2003
3 people in their team
English
Esposito & Asociados Law Firm stands out as a premier legal practice with a strong focus on providing comprehensive legal services across multiple sectors. With expertise in business brokerage, immigration and naturalization, and general legal services, they cater to a diverse clientele with...

Founded in 2010
3 people in their team
English
Abogados y Contadores Cancún BC stands out as a reputable leader in the legal industry, offering a diverse range of services that integrate legal expertise with accounting precision. With a team of seasoned attorneys and certified public accountants, they specialize in providing comprehensive...
AP Abogados Cancún
Cancún, Mexico

Founded in 2003
3 people in their team
English
AP Abogados Cancún is a distinguished law firm renowned for its extensive expertise in various legal disciplines. With a team of highly skilled attorneys, the firm adeptly navigates complex legal challenges, offering tailored solutions to meet the unique needs of each client. Their profound...
IBG LEGAL
Cancún, Mexico

Founded in 1943
10 people in their team
English
Established in 1943, IBG Legal has built an 80-year legacy in real estate law, serving clients from its offices in Mexico City and Cancún. The firm's foundation is deeply rooted in a rich heritage that combines Mexican and English influences, spanning four generations of accomplished lawyers. This...
Solomon Jones LLP
Cancún, Mexico

Founded in 2017
3 people in their team
English
Solomon Jones LLP is a distinguished legal firm specializing in debt resolution and creditor rights representation. With decades of experience, the firm offers comprehensive services in legal collections, enforcement of judgments, and insolvency investigations. Utilizing state-of-the-art...
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About Restructuring & Insolvency Law in Cancún, Mexico

Restructuring and insolvency law in Cancún, Mexico refers to the legal framework that governs financially distressed businesses and individuals who are unable to pay their debts. The primary aim is to provide legal mechanisms to either reorganize the debts in a way that allows the business to continue operating, or to carry out an orderly liquidation of assets to satisfy creditors. Cancún, as a major hub of tourism and commercial activity within Mexico, sees a diverse range of restructuring and insolvency cases impacting businesses of varying sizes. The legal system in Cancún follows federal Mexican law, primarily the Ley de Concursos Mercantiles (Commercial Bankruptcy Law), alongside relevant local regulations and procedures.

Why You May Need a Lawyer

There are many situations in which legal assistance is crucial during restructuring and insolvency processes in Cancún. Some common scenarios include:

  • Facing significant debt and needing to evaluate options to avoid bankruptcy.
  • As a creditor, seeking to recover unpaid debts from a struggling company or individual.
  • Need to file for concurso mercantil (commercial bankruptcy) and require help navigating complex filings and court procedures.
  • Ongoing business operations are threatened by financial mismanagement or external shocks, such as changes in tourism flow in Cancún.
  • Looking to restructure contracts and obligations with lenders, suppliers, or employees to avoid insolvency.
  • Direct involvement in dispute resolution among creditors, shareholders, or between companies and regulatory agencies.
  • Managing cross-border insolvency issues, particularly for businesses with international ties due to Cancún’s global reach.

A lawyer specialized in restructuring and insolvency can assess your situation, protect your interests, help you meet statutory requirements, represent you in negotiations and court, and advise on the best path forward.

Local Laws Overview

The cornerstone of restructuring and insolvency proceedings in Cancún is the federal Ley de Concursos Mercantiles. Its main purpose is to preserve companies as a source of jobs, encourage economic activity, and ensure fair repayment to creditors. Key aspects include:

  • Initiation of Proceedings: Debtors or creditors can petition for a concurso mercantil process if a company is generally defaulting on its payment obligations.
  • Conciliation Stage: The law provides an initial conciliation period intended to help the debtor and creditors negotiate a restructuring plan to allow the business to continue operating.
  • Bankruptcy Stage: If conciliation fails, the process transitions to bankruptcy, and an orderly liquidation of the company’s assets takes place.
  • Judicial Oversight: Proceedings are supervised by a specialized federal judge and overseen by an appointed conciliator (conciliador) or receiver (síndico).
  • Protection of Rights: The law provides for creditor committees, priority of claims, and creditor voting rights during restructuring proposals.
  • Cross-Border Provisions: For businesses with transnational operations, the law recognizes certain international insolvency protocols and foreign court decisions with some limitations.

Local courts in Cancún follow these federal rules, but access to experienced judges and practicing lawyers who understand the particular economic context of Cancún is important.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring involves reorganizing a company’s debts and assets to improve financial stability and avoid bankruptcy. Insolvency refers to a situation where a person or business cannot pay their debts. Insolvency may lead to a formal legal process such as concurso mercantil in Mexico.

Who can file for concurso mercantil in Cancún, Mexico?

Any commercial company or qualified individual trader in financial distress is eligible to file. Creditors can also initiate proceedings if payment defaults meet specific legal requirements.

What happens to the company during concurso mercantil?

Parts of the company’s operations may be suspended, but often the business continues to function under supervision as restructuring or negotiations proceed. In the bankruptcy stage, assets are sold to pay creditors.

How long does the restructuring process take?

Each case varies. The conciliation stage is typically set for 185 calendar days but can be extended in certain circumstances. If the case proceeds to bankruptcy, the process may take several more months or even years.

Will all debts be discharged in insolvency proceedings?

Not all debts are discharged. Mexican law distinguishes between types of creditors by priority. Some debts, like taxes and certain labor claims, may have higher priority and must be paid first.

Do I lose control of my business during restructuring?

You may retain some control, but the court will appoint a conciliador or síndico to oversee key decisions. Major transactions often require court or creditor approval during proceedings.

Are personal assets at risk in business insolvency?

For corporations, personal liability of shareholders is generally limited. However, personal guarantees or certain illegal conduct can expose personal assets to claims.

Can foreign creditors be involved in the process?

Yes, foreign creditors have the right to participate and submit claims in Mexican insolvency proceedings, subject to local law and any treaty obligations.

Is it possible to restructure debts out of court?

Yes, debtors can attempt out-of-court restructuring through private agreements. However, formal court-supervised processes are necessary to bind dissenting creditors or stop collection actions.

What should I do if I am owed money by a company entering insolvency?

Promptly file your claim with the court-appointed official, provide supporting documentation, and actively participate in the creditor meetings and any proposed restructuring plan.

Additional Resources

If you require more information or direct assistance regarding restructuring and insolvency in Cancún, consider contacting or researching the following entities:

  • The Federal Institute of Specialists in Commercial Bankruptcy (Instituto Federal de Especialistas de Concursos Mercantiles or IFECOM) - responsible for appointing conciliators and receivers and providing public guidance.
  • Federal Courts in Cancún - specifically the Juzgado de Distrito specializing in commercial matters, which handle formal bankruptcy proceedings.
  • Secretaría de Economía - provides regulations, publications, and statistics on insolvency and restructuring proceedings in Mexico.
  • Law schools and local bar associations in Cancún - many offer legal advice clinics or can help connect you with experienced attorneys.
  • Professional organizations of accountants and auditors - can assist with financial analysis and support through the insolvency process.

Next Steps

If you think you may need legal assistance with restructuring or insolvency in Cancún:

  • Assess your financial situation or that of your business. Collect all relevant financial statements, contracts, and correspondence.
  • Contact a lawyer with experience in concursos mercantiles or business restructuring in Cancún. Many law firms offer initial consultations.
  • Prepare a list of your pressing questions and concerns for the consultation to maximize the benefit from your meeting.
  • Act quickly-delaying legal action can limit your options and expose you to greater losses or liabilities.
  • Follow professional advice and maintain open communication with creditors, employees, and stakeholders during the process.

Taking early, informed legal steps is the best way to protect your rights and secure the future of your business or finances in the event of distress.

Lawzana helps you find the best lawyers and law firms in Cancún through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Cancún, Mexico - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.