Company: VCIG
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001213900-25-075843
Chunk: 81

Company: VCI Global Ltd
Filing Date: 2025-08-13
Form: 424B5
Chunk 81
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olvency 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.

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 of a transaction on terms that the company is to receive        
 no consideration, or where the value of the consideration for the transaction, in money or money’s worth, is significantly less             
 than the value, in money or money’s worth, of the consideration provided by the company will (if it is an insolvency transaction            
 entered into within the hardening period) be deemed an undervalue transaction.