Company: VCIG
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001213900-25-075843
Chunk: 78

Company: VCI Global Ltd
Filing Date: 2025-08-13
Form: 424B5
Chunk 78
---
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.

Order of Preferential Payments upon Liquidation

Upon the insolvent liquidation of a company, the
assets of a company shall be applied in accordance with the following priorities: (a) in paying, in priority to all other claims, the
costs and expenses properly incurred in the liquidation in accordance with the prescribed priority; (b) after payment of the costs and
expenses of the liquidation, in paying the preferential claims admitted by the liquidator (wages and salary, amounts to the BVI Social
Security Board, pension contributions, government taxes) - preferential claims rank equally between themselves and, if the assets of the
company are insufficient to meet the claims in full, they shall be paid ratably; (c) after the payment of preferential claims, in paying
all other claims admitted by the liquidator, including those of non-secured creditors - the claims of non-secured creditors of the Company
shall rank equally among themselves and if the assets of the company are insufficient to meet the claims in full, such non-secured creditors
shall be paid ratably; (d) after paying all admitted claims, paying any interest payable under the BVI Insolvency Act; and finally (e)
any surplus assets remaining after payment of the costs, expenses and claims above shall be distributed to the members in accordance with
their rights and interests in the Company. Part VIII of the Insolvency Act provides for various applications which may be made by a