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Lexiel/Glossary/Out-of-court payment agreement
Legal definition
Commercial law

Out-of-court payment agreement

Pre-insolvency procedure allowing natural persons and SMEs to negotiate a restructuring agreement with creditors before filing for insolvency. Administered by an insolvency mediator. If it fails, it automatically opens consecutive insolvency proceedings. Since Law 16/2022 it is subsidiary to restructuring plans.

Arts. 690-720 TRLC (Ley 16/2022)

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Out-of-court payment agreement: Legal definition | Lexiel Glossary