Second Chance Law Agreement Spain (Acuerdo de Segunda Oportunidad)

A Second Chance Law Agreement Spain (Acuerdo de Segunda Oportunidad — ASO) is a structured legal instrument — specifically an out-of-court payment agreement (Acuerdo Extrajudicial de Pagos — AEP) or a debt restructuring agreement — used in the ley de segunda oportunidad (second chance law) process for natural persons (personas físicas) in Spain who are unable to pay their debts. The process is governed by Real Decreto-Ley 1/2015, de 27 de febrero, de mecanismo de segunda oportunidad, reducción de carga financiera y otras medidas de orden social — which introduced Spain's second chance framework — and is now consolidated in Libro III (Articles 685–720) of the Ley Concursal (Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal — TRLC), subsequently substantially reformed by Ley 16/2022, de 5 de septiembre, de reforma del texto refundido de la Ley Concursal, which transposed Directive (EU) 2019/1023 (Directiva de Reestructuración e Insolvencia) into Spanish law.

The ley de segunda oportunidad in Spain is designed for natural persons — both individual consumers (consumidores) and autónomos (self-employed) — who are genuinely insolvent and unable to pay their debts but who acted in good faith (buena fe) and did not incur debts through fraud or gross negligence. The ultimate goal of the process is the Beneficio de Exoneración del Pasivo Insatisfecho (BEPI) — the discharge of unpayable debts, giving the debtor a fresh financial start — which has been significantly expanded by the Ley 16/2022 reform to cover more categories of debt, including social security debt and public law debts under certain conditions.

The process proceeds in phases. Phase 1 is the out-of-court payment agreement (Acuerdo Extrajudicial de Pagos — AEP): the debtor appoints a mediador concursal (insolvency mediator) registered with the Registro de Mediadores e Instituciones de Mediación of the Ministerio de Justicia, and the mediador convenes the creditors and attempts to negotiate a restructuring or payment plan. Phase 2: if the AEP fails, the mediador requests the opening of insolvency proceedings (concurso consecutivo) before the Juzgado de lo Mercantil. Phase 3: the Juzgado de lo Mercantil assesses whether the debtor meets the BEPI conditions — good faith, non-fraudulent behaviour, and a payment plan (plan de pagos) for a 3-to-5-year period — and grants the BEPI, discharging qualifying debts.

The Ley 16/2022 reform introduced the immediate BEPI (exoneración inmediata) — available to debtors who have no assets and no realistic prospect of improving their financial situation — allowing debt discharge without a waiting payment plan in cases of genuine destitution. The Juzgado de lo Mercantil — part of the Spanish civil court system — is competent for both the AEP and the concurso consecutivo proceedings.

Creditors cannot initiate individual enforcement actions (ejecuciones individuales) against the debtor once the AEP process begins — a moratorium (paralización de ejecuciones) applies under Article 696 TRLC. Certain privileged credits — maintenance obligations (alimentos), criminal liability indemnifications, and social security contributions accrued during the AEP — remain non-dischargeable under Article 489 TRLC.

A Second Chance Law Agreement Spain is needed whenever a natural person — consumer or autónomo — finds themselves in a genuine insolvency situation and wishes to access the ley de segunda oportunidad process to restructure their debts or obtain the BEPI discharge, beginning with the extrajudicial payment agreement (AEP) phase.

The agreement is required when an autónomo whose business has failed has accumulated unpayable debts to suppliers, banks, the Agencia Tributaria (AEAT), and the Tesorería General de la Seguridad Social (TGSS), and wishes to enter the second chance process to restructure these debts or achieve a BEPI discharge — avoiding the more complex collective insolvency (concurso de acreedores) proceedings.

A Second Chance Law Agreement is needed when a consumer has accumulated unsustainable personal debt — credit cards, personal loans (préstamos personales), overdrafts, and mortgage arrears — and cannot meet monthly payments despite acting in good faith. The AEP phase attempts to negotiate a payment plan or haircut (quita) with creditors before court proceedings.

The agreement is required when a natural person faces simultaneous enforcement proceedings — embargos on bank accounts and wages by multiple creditors — and needs the moratorium on individual executions (paralización de ejecuciones under Article 696 TRLC) that activates when the mediador concursal is appointed.

A Second Chance Law Agreement is needed when a debtor's mortgage lender is one of the principal creditors and the debtor is in mortgage arrears — the AEP provides a structured forum to negotiate mortgage restructuring alongside other debts, potentially complementing the Código de Buenas Prácticas Bancarias (Real Decreto-Ley 6/2012) for mortgage-indebted households.

The document is required when a debtor has already been refused an informal payment plan by their creditors — banks regulated by the Banco de España, the AEAT through the Delegación de Hacienda, and TGSS through the Recaudación Ejecutiva — and needs the formal legal framework of the AEP, with a registered mediador concursal.

Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest.

A valid Second Chance Law Agreement Spain (Acuerdo Extrajudicial de Pagos — AEP) under the TRLC and Ley 16/2022 must contain the following essential elements to meet the legal requirements of the mediador concursal, the creditors, and the Juzgado de lo Mercantil.

Identification of the Debtor: Full name, DNI/NIE, and domicile of the natural person debtor. For an autónomo, the IAE (Impuesto de Actividades Económicas) activity code and NIF assigned by the Agencia Tributaria must be included. The debtor's Seguridad Social number (NSS) is required for TGSS debt verification.

Insolvency Declaration: A formal statement that the debtor is in a current or imminent insolvency situation (insolvencia actual o inminente) within the meaning of Article 2 TRLC — unable to meet current obligations as they fall due, or foreseeably unable to do so within three months. The debtor must confirm they have not previously been declared insolvent within the last 5 years (or 10 years where the prior proceedings were fraudulent).

Complete Creditor List: A complete and accurate list of all creditors (lista de acreedores), their names, addresses, NIF/DNI, and the exact amount owed to each — including principal, accrued interest, and penalties. The list must distinguish between ordinary creditors (acreedores ordinarios); privileged creditors with real security (acreedores con privilegio especial); and public creditors (acreedores de derecho público — AEAT and TGSS). Omitting creditors from the list may constitute insolvency fraud under Article 443 TRLC and may lead to BEPI revocation.

Complete Asset Statement: A statement of the debtor's assets (bienes y derechos) — real property, bank accounts, vehicles, business assets, and any other property of value. Assets exempt from seizure (bienes inembargables) under Article 605 of the Ley de Enjuiciamiento Civil should be identified.

Proposed Payment Plan: The proposed AEP restructuring offer to creditors — options include payment in full with deferred payments over up to 5 years; partial payment with a haircut (quita) on the principal; dación en pago (transfer of assets in payment of debt); or a combination. The plan must be viable and comply with the best interests of creditors test (interés superior de los acreedores) under Article 689 TRLC.

Appointment of Mediador Concursal: The name, professional registration number (registered with the Registro de Mediadores e Instituciones de Mediación, Ministerio de Justicia), and professional address of the mediador concursal appointed under Article 688 TRLC.

Good Faith Declaration: A formal declaration by the debtor of their good faith (buena fe) within the meaning of Article 487 TRLC — confirming no convictions for economic crimes (delitos económicos), no fraudulent incurrence of debts, complete and accurate information provided, and no concealment of assets.

Moratorium Request: A request for the moratorium on individual enforcement actions (paralización de ejecuciones individuales) under Article 696 TRLC.

Consequence of AEP Failure: A statement that if the required creditor majority does not accept the AEP proposal, the mediador will apply to the Juzgado de lo Mercantil for the opening of concurso consecutivo proceedings under Article 695 TRLC.

Forms-legal.com provides this Second Chance Law Agreement Spain template as an educational and planning document. The actual AEP process requires appointment of a registered mediador concursal and, in most cases, legal representation by a qualified abogado specialising in insolvency law (derecho concursal) before the Juzgado de lo Mercantil.

Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest.