The PRI Parliamentary Group promoted an initiative to amend the Insolvency Law (the "Law") to include a Reorganization Procedure under an Emergency Regime (the "Process") considering that it is necessary to find an expedite mechanism that makes it possible to attend to the situation promptly, and that the deadlines for the procedure must be short and strictly observed.
As a result of the adverse economic effects caused by the measures to prevent the spread of COVID-19, the Mexican Banks Association (“ABM”) issued a statement on March 23, disclosing that banking institutions have determined to support their clients who are unable to meet their credit obligations by implementing various support programs.
The “Industrial Productivity and Competition Program” is an economic support program from the Secretary of Economics, with national reach, which targets entrepreneurial organisms, legal entities, as well as civil associations that belong to the manufacture industry and have at least 51 workers registered in the Mexican Institute for Social Security.
