In the course of insolvency proceedings, the law enables the debtor to conclude an extrajudicial agreement with the creditors, which is a multilateral agreement between the debtor and all creditors with claims accepted in the proceedings.
The contract for the settlement of obligations may be concluded in any situation of the insolvency proceedings. The legal framework of this agreement is specified in Art. 740 of the Commercial Law, which reads as follows:

The purpose of this article is to outline the main characteristics of two of the main types of guarantees in the field of commercial law — special and commercial pledge.
I. Special pledge.
This law is regulated in the Special Pledges Act (promulgated SG No. 100 of 22 November 1996). One of the main features is that the special pledge is always agreed, as the law does not regulate hypotheses in which it arises ex lege (ie by law). On the basis of a concluded contract for a special pledge, the pledge creditor may be satisfied preferably from the pledged property in case of non-fulfillment of the obligation secured by the pledge. The contract is unilateral, as it creates obligations for only one party — the pledgor.

In view of the necessity to unify the case law and the proper application of the law in the field of guarantees and repayment of monetary debts, which is widely used in banking field and in many cases against guarantor debtors, the Supreme Court of Cassation issued an interpretative decision № 5 of 21.01. 2022 on the following question: