Sathasivam vs Mercantile Credit Ltd. – sllr 2008 volume 2 page 169

In the case between Mercantile Credit Ltd. (and others) and Sathasivam (the guarantor) and others, the court addressed whether the takeover of management by the Monetary Board under the Finance Act precluded the company from maintaining legal proceedings and whether a guarantor could validly renounce statutory benefits under the Consumer Credit Act. It was held that the company retained its legal capacity to sue and be sued despite the takeover, and a guarantor’s waiver of certain statutory protections did not invalidate the agreement. The principle that company existence, apart from its management, persists under statutory takeover was reaffirmed, and that contractual commitments signed and attested in business law bind the guarantor. Detailed statutory interpretation supported the court’