Assignment task: Alan Berhad (AB) entered into a hire purchase agreement with MBB Bank Berhad (MBB) and the company's director (Steve) acts as a guarantor in the hire purchase agreement. The agreement was entered into in January 2021 and the agreement was printed in green and blue ink. The amount of the agreement totaled to RM100, 000.
By January 2022, AB defaulted 3 months installments and consequently, the car was repossessed by MBB.
Based on the facts presented, discuss the legal positions of AB, Steve and MBB. You are expected to use Hire Purchase Act 1967 and decision of previous cases to support your answer. laws of Malaysia
Kindly include the references.