The refinancing agreements are a preventive tool against bankruptcy and an alternative to the state of insolvency. The evolution of insolvency law regulations performed by the regulator in the area of extra judicial mechanism and the refinancing agreements, has been performed in order to strengthen the use of this kind of negotiations in case of imminent or early insolvency. Our legal system has followed the steps of the Italian legal system in order to establish our own refinancing agreements. In the same way, the European law has recommended to the member states the use of extra judicial and preventive mechanisms to solve the financing problems of the companies. The refinancing agreements must be correctly used in order to be effective. Therefore, it is important to know the suitable moment and form. The most suitable type of agreement for the debtor is the approved refinancing agreement of DA 4. ª LC. The paralyzation and stoppage of singular executions so as to protect assets and rights which are required to give continuation to the business, the drop to a 51% of the majority of representative liability and the extension of the effects even to creditors with privileges, are things that prove the beneficial coverage of protection against creditors’ interests and the non-terminable conditions. Therefore, the required content of the agreement, like the viability plan, and the additional content of the agreement, like structural modifications of the company and the debt capitalization, are mechanisms that complement the refinancing agreement. The objective is to achieve the financial reorganization of the insolvency situation of the company and the continuity of the business activity. In order to achieve this final objective, we also will study the extra judicial mechanisms of the French law. It can be our model to follow for possible improvements. The analysis of all aspects related with the refinancing agreements will help us to show its effectiveness against the bankruptcy.