The Netherlands Commercial Court (NCC) - Court in Summary Proceedings - has granted permission for the transfer of the shares in IHC Merwede Holding on 13 May 2020. The shares were pledged to Glas Trust Corporation Limited as Security Agent for the lenders. Pursuant to article 3:251(1) of the Dutch Civil Code, Glas sought an order permitting the transfer the shares to the Stichting Continuïteit IHC in a private transaction. The application was filed on 4 May 2020 and a teleconference hearing was held on 12 May 2020. Representatives of and counsel for Glas, IHC Merwede, the Stichting Continuïteit, the majority shareholder and the Agents for the lenders attended the hearing.
