Amendment to the General Business Corporation Law: New Statutory Presumption of Dissolution and Simplified Proceeding of Dissolution and Liquidation

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Amendment to the General Business Corporation Law: New Statutory Presumption of Dissolution and Simplified Proceeding of Dissolution and Liquidation

An amendment to various Articles of the General Business Corporation Law was published in the Federal Official Gazette on January 24, 2018, which contemplates the following changes:

1. Included is a new statutory presumption of business companies’ being dissolved by a judicial or administrative ruling issued by a competent court, the cause of which shall be registered with the Public Commercial Registry.

Moreover, further changes were approved allowing partners or shareholders of a company and/or third parties, with an interest in the company, to exercise certain rights, as the case may be; provided that the cause of dissolution is determined through means of a judicial or administrative ruling. In general, the fees to be paid relate to the registration of the cause of dissolution with the Public Registry of Commerce, opposing the registration itself, or requesting the appointment of, or revocation of the appointment of the company liquidators.

1. Companies whose partners or shareholders are individuals, among other requirements set out in the same Law, may take advantage of a simplified and inexpensive single action dissolution and liquidation proceeding without the requirement to engage with judicial authorities or certifying public officers which, in turn, allows for the active participation of the Department of the Economy to ensure compliance.

The amendment will be in full force and effect within six months following the day of its publication in the Federal Official Gazette.

The lawyers of the corporate practice group of our Firm will be pleased to respond to any doubts or questions in relation to this Newsletter.

Sincerely,

Mexico City, February 2^nd, 2018