Tested on rev. 51566, VBox 4.0.6. To replicate, run Ollydbg and try to load any app, it will fail before analysis is finished on the loaded binary.
The regression starts by rev 51085, with exception (INVALID HANDLE), prompt for Shift+f9 and error about that said exception not to be passable to application. This changes in 51088, when prompt for Shift+f9 triggers Initialisation error (STATUS_INVALID_HANDLE) debug window.
This STATUS is no longer appearing since 51295, instead, exception INVALID HANDLE, passed to application by SHIFT+F9 results in app termination with C000007B - STATUS_INVALID_IMAGE_FORMAT. This is the result happening in r.51566 as well, alas INVALID HANDLE exception with shift+f9 prompt is no longer happening (changed between 51483-51566) and later.
To sum up, right now we get STATUS_INVALID_IMAGE_FORMAT. I double-checked the 51294/51295 transition few times to be sure (as it doesnt make any sense) but there is no doubt here, as i also tested in on Linux official builds. I tried backport rev 51295 to rev 51088, but without result.