Company: VCIG
Filing Date: 2025-09-25
Form Type: F-3
Source: 0001213900-25-091277
Chunk: 36

Company: VCI Global Ltd
Filing Date: 2025-09-25
Form: F-3
Chunk 36
---
 court can be made
by one or more of the following: (a) the company (b) a creditor (c) a member (d), the supervisor of a creditors’ arrangement in
respect of the company, the Financial Services Commission and the Attorney General in the BVI.

The court may appoint a liquidator if:

| (a) | the company is insolvent; |

| (b) | the court is of the opinion                                             
 that it is just and equitable that a liquidator should be appointed; or |

| (c) | the court is of the opinion                                         
 that it is in the public interest for a liquidator to be appointed. |

An application under (a) above by a member may
only be made with leave of the court, which shall not be granted unless the court is satisfied that there is prima facie case that the
company is insolvent. An application under (c) above may only be made by the Financial Services Commission or the Attorney General and
they may only make an application under (c) above if the company concerned is, or at any time has been, a regulated person (i.e. a person
that holds a prescribed financial services license) or the company is carrying on, or at any time has carried on, unlicensed financial
services business.

<div align='center'>18</div>

Voidable Transactions

In the event of the insolvency of a company, there
are four types of voidable transaction provided for in the Insolvency Act:

| (a) | Unfair Preferences: Under section                                                                                                       
 245 of the Insolvency Act a transaction entered into by a company, if it is entered into within the hardening period at a time when the 
 company is insolvent, or it causes the company to become insolvent (an “insolvency transaction”), and which has the effect              
 of putting the creditor into a position which, in the event of the company going into insolvent liquidation, will be better than the    
 position it would have been in if the transaction had not been entered into, will be deemed an unfair preference. A transaction is not  
 an unfair preference if the transaction took place in the ordinary course of business. It should be noted that this provision applies   
 regardless of whether the payment or transfer is made for value or at an undervalue.                                                    |

| (b) | Undervalue Transactions: Under                                                                                                              
 section 246 of the Insolvency Act the making of a gift or the entering into