Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 24

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 24
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 that is, or any acts of the company have been, or are likely
to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the BVI for an
order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

17

If we are deemed insolvent
for the purposes of the Insolvency Act (i.e., (1) it fails to comply with the requirements of a statutory demand that has not been
set aside under section 157 of the Insolvency Act; (2) the execution or other process issued on a judgment, decree or order of a
BVI Court in favor of a creditor of the company is returned wholly or partly unsatisfied; or (3) either the value of the company’s
liabilities exceeds its assets, or the company is unable to pay its debts as they fall due), there are very limited circumstances where
prior payments made to shareholders or other parties may be deemed to be a “voidable transaction” for the purposes of the
Insolvency Act. A voidable transaction would include, for these purposes, payments made as “unfair preferences” or “transactions
at an undervalue.” A liquidator appointed over an insolvent company who considers that a particular transaction or payment is a
voidable transaction under the Insolvency Act could apply to the BVI Courts for an order setting aside that payment or transaction in
whole or in part.

We have been advised by our
BVI legal counsel that the courts of the BVI are unlikely:

    ●
    to recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws where that liability is in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company; and

    ●
    to impose liabilities against us, in original actions brought in the BVI, based on certain civil liability provisions of U.S. securities laws that are penal in nature.

The courts of the BVI will
not necessarily enter judgments in original actions brought in those courts predicated on U.S. federal or state securities laws.
Additionally, we have been advised by BVI Counsel that there is no statutory enforcement in the BVI of judgments obtained in the United States;
however, the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in