Civil Liability Risks and Core Duties of Directors in Mexican Companies
Directors of commercial corporations are regarded as their agents and legal representatives according to articles 10 and 142 of the Mexican General Corporations and Partnerships Law (“GCPL”), and have the authority necessary to perform all those activities listed in the company’s corporate purpose unless otherwise stated in the law or in the bylaws of a […]
Digital Transformation of Negotiable Instruments in Mexico: What You Need to Know
On March 26, 2024, a decree was published in the Mexico’s Federal Official Gazette that amends the General Negotiable Instruments and Credit Operations Law (“LGTOC”), as well as the Law on Organizations and Auxiliary Credit Activities (“LOAAC”), with the purpose of regulating the granting of certificates of deposit issued electronically by Public Bonded Warehouses. What […]
Federal Court issues new decision on the duty to notify the attorneys-in-fact about the revocation of their authority.
On January 12,2024, it was published a decision on the importance to notify the attorneys-in-fact on the revocation of their authority. In the matter at hand, a court agreement that put and end to a trial was signed by one of the party’s attorney-in-fact, yet it was ratified before the court, it was not approved […]
Mexico’s Supreme Court renders judgment on the types of sections in commercial agreements that are null and void.
The First Chamber of Mexico’s Supreme Court (the “Court”) issued a decision by which it clarified the limits to the freedom of contract principle in a supply agreement. A supply agreement entails the periodic delivery of goods by a supplier to a client, in exchange of a consideration in cash. It is common practice that […]
Passengers win class action against Mexican airline
ENGLISH VERSION Mexican air carrier Interjet was ordered by a Mexican court to pay passengers $144,020,781.33 Mexican pesos (around $7.23 US million dollars) after losing a class action filed by the Consumer Protection Agency (“CPA”) for claims received between 2018 and 2020. The airline was also declared bankrupt by a court in August. The claims […]