In the recent Consol Glass judgment[1] in the Supreme Court of Appeal (“SCA”), in dispensing with the notion that the borrowing of money could constitute the supply of a debt security, it was held that: “Consol elected to borrow money to acquire the businesses. It did so to carry on the enterprise of selling glass containers. When Consol entered into the refinancing transactions and borrowed moneys from the lending consortium, it remained the same enterprise – a seller of glass containers. It did not become, in addition, a supplier of financial services.”
Source Chris Eagar
