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Mexican legal collection system provides poor protection to creditors.(HEADLINE)(Survey)
Mexico has a poor legal system when it comes to collection matters that provides little protection for creditors and others doing business there, according to the results of a recent survey.
The survey assessed trade risks of emerging economies reported Mexico's slow legal process for debt collection and poor legal protection for creditors as key risks for trade partners.
The Atradius-commissioned project surveyed companies currently selling products or services in Mexico and reported that:
* 24% have experienced problems when employing the legal system for debt collection.
* 23% consider the legal system slow and ineffective when collecting against defaulted payments.
* 21% believe there is insufficient information regarding the creditworthiness of potential buyers.
"Mexico's sluggish legal system is a known problem; trying to execute security like personal guarantees and mortgages can take years" said Karel van Laack, country manager of Atradius Seguros de Credito in Mexico. "This is one of the many reasons why more and more companies are looking at credit insurance as an effective way to protect against payment problems and earn liquidity."
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