Company: VCIG
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001213900-25-104595
Chunk: 91

Company: VCI Global Ltd
Filing Date: 2025-10-31
Form: 424B5
Chunk 91
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c) | Voidable Floating Charges: Under section 247 of the Insolvency Act a floating charge created by a company is voidable if it is an insolvency transaction created within the hardening period. A floating charge is not voidable to the extent that it secures: (i) money advanced or paid to the company, or at its direction, at the same time as, or after, the creation of the charge; (ii) the amount of any liability of the company discharged or reduced at the same time as, or after, the creation of the charge; (iii) the value of assets sold or supplied, or services supplied, to the company at the same time as, or after, the creation of the charge; and (iv) the interest, if any, payable on the amount referred to in (i) to (iii) pursuant to any agreement under which the money was advanced or paid, the liability was discharged or reduced, the assets were sold or supplied or the services were supplied. |

| (d) | Extortionate Credit Transactions: Under section 248 of the Insolvency Act an insolvency transaction entered into by a company for, or involving the provision of, credit to the company, may be regarded as an extortionate credit transaction if, having regard to the risk accepted by the person providing the credit, the terms of the transaction are or were such to require grossly exorbitant payments to be made in respect of the provision of the credit, or the transaction otherwise grossly contravenes ordinary principles of fair trading and such transaction takes place within the hardening period. |

The “hardening period” (known in the
Insolvency Act as the “vulnerability period”) in respect of each voidable transaction provision set out above is as follows:

| (a) | for the purposes of sections 245, 246 and 247 of the Insolvency Act the period differs depending on whether the person(s) that the transaction is entered into with, or the preference is given to, are “connected persons” of the company within the meaning of the Insolvency Act: |

| (i) | in the case of “connected                                                                                
 persons” the “hardening period” is the period beginning two years prior to the “onset of insolvency” and 
 ending on the appointment of a liquidator of the company; and                                            |

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| (ii) | in the case of any other person,                                                                               
 the “hardening