Company: VCIG
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001213900-25-075843
Chunk: 77

Company: VCI Global Ltd
Filing Date: 2025-08-13
Form: 424B5
Chunk 77
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 BVI Act continuously for a period of 7 years it is dissolved with effect from the last day of that period.

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Voluntary Liquidation

If the liquidation is a solvent liquidation, the
provisions of the BVI Act governs the liquidation. A company may only be liquidated under the BVI Act as a solvent liquidation if it has
no liabilities or it is able to pay its debts as they fall due and the value of its assets exceeds its liabilities. Subject to the amended
and restated memorandum and articles of association of a company, a liquidator may be appointed by a resolution of directors or resolution
of members but if the directors have commenced liquidation by a resolution of directors the members must approve the liquidation plan
by a resolution of members save in limited circumstances.

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 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.