Background on CAME and its Current Situation
The Consejo de Asistencia al Microemprendedor (CAME), a sociedad financiera popular, has called for an extraordinary assembly of shareholders to determine its future. This move comes amidst the silence from authorities regarding CAME’s financial situation, as outlined by the Ley de Ahorro y Crédito Popular (LACP).
Who is CAME?
CAME, or the Consejo de Asistencia al Microemprendedor, is a financial entity that supports microentrepreneurs in Mexico. Established to foster small business growth, CAME has been instrumental in providing financial services and resources to millions of individuals. However, recent events have put its future in question.
Why is CAME Relevant?
CAME serves approximately 1.3 million clients, offering them access to financial services and resources essential for their small businesses’ success. The entity’s struggles have left these clients uncertain about the future of their savings and financial support.
The Call for an Extraordinary Assembly
According to the LACP, when a Sofipo (sociedad financiera popular) encounters difficulties, it must convene an extraordinary assembly of partners to inform them of the situation and appoint new administrators. This is precisely what CAME has done, as outlined in the official call for the assembly.
Key Points of the Assembly
- Discussion and approval of an informative report on CAME’s financial status
- Removal of the current director general and the entire administration council
- Appointment of new administrators
- Examination of Articles 75, 90, 92, and 96 of the LACP, which cover potential paths such as division, merger, sale, dissolution, and liquidation
The Role of an External Auditor
To decide on the best course of action, an external auditor will conduct a technical analysis approved by the Fondo de Protección de las Sofipos (Prosofipo). The assembly proposes engaging the firm Álvarez & Marsal for this analysis.
Implications of CAME’s Situation
CAME’s capitalization level was reclassified from 102% to -3,953% in December 2024, placing it in the category 4 of early warning levels. As a result, the Prosofipo initiated legal actions according to the LACP.
Potential Outcomes for Ahorradores (Savers)
Should CAME’s dissolution and liquidation be determined, savers would receive compensation up to 25,000 Udis (approximately 211,000 pesos). Those with higher amounts in their accounts would participate in the society’s liquidation to recover the remaining savings.
Key Questions and Answers
- What is CAME? CAME, or the Consejo de Asistencia al Microemprendedor, is a financial entity in Mexico that supports microentrepreneurs by providing essential financial services and resources.
- Why is there an extraordinary assembly? The LACP mandates that when a Sofipo faces difficulties, an extraordinary assembly of partners must be convened to inform them of the situation and appoint new administrators.
- What are the potential outcomes for savers? If CAME’s dissolution and liquidation are determined, savers would receive compensation up to 25,000 Udis (approximately 211,000 pesos). Those with higher amounts would participate in the society’s liquidation to recover their remaining savings.
