Company: VCIG
Filing Date: 2025-09-25
Form Type: F-3
Source: 0001213900-25-091277
Chunk: 35

Company: VCI Global Ltd
Filing Date: 2025-09-25
Form: F-3
Chunk 35
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 remaining after payment of the costs, expenses and claims above shall be distributed to the members in accordance with
their rights and interests in the Company. Part VIII of the Insolvency Act provides for various applications which may be made by a liquidator
to set aside transactions which have unfairly diminished the assets which are available to creditors.

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The appointment of a liquidator over the assets
of a company does not affect the right of a secured creditor to take possession of and realize or otherwise deal with assets of the company
over which that creditor has a security interest. Accordingly, a secured creditor may enforce its security directly without recourse to
the liquidator, in priority to the order of payments described above. However, so far as the assets of a company in liquidation available
for payment of the claims of unsecured creditors are insufficient to pay the costs and expenses of the liquidation and the preferential
creditors, those costs, expenses and claims have priority over the claims of charges in respect of assets that are subject to a floating
charge created by a company and shall be paid accordingly out of those assets.

A liquidator is appointed for the purpose of collecting
in and realizing the assets of a company and distributing proceeds to creditors.

We expect that in the event of a voluntary liquidation
of the Company, after payment of the liquidation costs and any sums then due to creditors, the liquidator would distribute our remaining
assets on a pari passu basis.

Liquidation under the Insolvency Act

The Insolvency Act governs an insolvent liquidation.
Pursuant to the Insolvency Act, a company is insolvent if (a) it fails to comply with the requirements of a statutory demand that has
not be set aside pursuant to the Insolvency Act, execution or other process issued on a judgement, decree or order of court in favor of
a creditor of the company is returned wholly or partly unsatisfied or either the value of the company’s liabilities exceeds its
assets or the company is unable to pay its debts as they fall due. The liquidator must be either the Official Receiver in BVI or a BVI
licensed insolvency practitioner. An individual resident outside the BVI may be appointed to act as liquidator jointly with a BVI licensed
insolvency practitioner or the Official Receiver. The members of the company may appoint an insolvency practitioner as liquidator of the
company or the court may appoint an Official Receiver or an eligible insolvency practitioner. The application to the