CG53428 - Debt on a security: essential characteristics of: structure of permanence
This point was made by Lord Wilberforce, in Ramsay, where he commented (at page 190) that the relevant loan had 바카라 사이트�a structure of permanence such as fitted it to be dealt in....바카라 사이트� In fact, the loan in that case was repaid early. But it had been issued on terms which meant that a large penalty would be payable in the event of early repayment. It is not possible to set any precise limits for the 바카라 사이트榣ife바카라 사이트� of a debt, which would enable it to be regarded as a debt on a security. The attractiveness of any particular debt will depend upon the other terms of the loan, and on the type of market in which the debt would normally be traded.
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You can accept that any loan which could not be terminated by the borrower within a year from the date of commencement will have the required 바카라 사이트榮tructure of permanence바카라 사이트�. But a debt will 바카라 사이트榥ot have a structure of permanence바카라 사이트� merely because the borrower is not in a position to repay the debt in the foreseeable future.