Applicant (Elavon, an Ireland-based company) sought an order under article 3:251(1) Dutch Civil Code permitting the sale of pledged shares in a private transaction (a debt-for-equity swap) instead of a public auction. These shares (in IPS. B.V., the Company) were pledged by IPS Holding (the Company’s sole shareholder) to Crossbow and Rabobank as collateral for loans. IPS Holding and Airopack Technology Group AG (the Swiss Parent of the IPS entities) provided guarantees for the loans. The Company is in default under the loan agreements. Crossbow has accelerated the debt that it holds. Under Dutch law this means that the pledgee is entitled to enforce the pledge and sell the collateral at a public auction. But to sell the shares in a private sale (as in this case), judicial permission is required (article 3:251(1) CC).