Restructuring By Means Of A Dutch Share Pledge Enforcement: New Hurdles, Same Powerful Tool

Enforcement of a Dutch share pledge is a tried and tested tool in Dutch financial restructurings. It allows secured creditors to transfer pledged shares, including through a credit bid, under a court-supervised process designed to achieve the highest possible proceeds. The process traditionally offers a high degree of deal certainty: once the court has approved the share pledge enforcement, its decision is, in principle, not subject to appeal.

As we explain in this article, share pledge enforcements may require additional procedural safeguards and preparation, but in our view, remain a robust and effective restructuring tool.

Four judgments issued in the summer of 2026 (Good Innovation, Selecta, Manya and Glencore) provide useful guidance on how share pledge proceedings are conducted. The judgments address who qualifies as an interested party (Selecta), the objectives a pledgee may legitimately pursue (Manya), and the evidence required to demonstrate that the highest possible