##  [New guarantees for the refinancing of personal debt and SME debt](/en_GB/new/new-guarantees-refinancing-personal-debt-and-sme-debt) 

# New guarantees for the refinancing of personal debt and SME debt





Spain - 02 / 23 / 2018





Restructuring & Insolvency Commentary 1-2018













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**The Directorate-General of Registries and the Notarial Profession (DGRN) recently clarified the legal mechanism known as the Out-of-Court Payment Agreement (*acuerdo extrajudicial de pagos* or AEP). The AEP is a legal tool designed to settle insolvency situations out of court, through debt refinancing. AEPs can be used by both individuals (entrepreneurs or otherwise) and companies (including non-corporation-type entities), provided that the initial estimate of their debt does not exceed 5 million euros, they have sufficient assets to pay the expenses relating to the AEP and their circumstances are not particularly complex.**





[**CONTENT IN SPANISH**](http://www.garrigues.com/es_ES/noticia/nuevas-garantias-para-refinanciar-deudas-de-personas-y-pymes)









[Restructuring &amp; Insolvency](/en_GB/tags/restructuring-insolvency)







 

 



 

 

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