The company was registered on 8 July 2020 and the notice of registration issued by the CCM(SSM). Thereafter Mr X, Mr Y and Mr Z signed the loan agreement with Rich Bank. The loan agreement with Rich Bank has a term that states that"In the event of any dispute the borrowers cannot seek remedy in a court of law".

(i) Is this term enforceable?

(ii)Meanwhile Mr Y plans to form another company with Mr M and Mr P selling sports shoes in Penang.