Primeo Fund (in Official Liquidation) v Bank of Bermuda (Cayman) Ltd and HSBC Securities Services (Luxembourg) Sa

JurisdictionCayman Islands
CourtCourt of Appeal (Cayman Islands)
Judge(Field, Birt and Beatson, JJ.A.)
Judgment Date13 June 2019
Date13 June 2019
Court of Appeal (Cayman Islands)

(Field, Birt and Beatson, JJ.A.)

PRIMEO FUND (in official liquidation)
and
BANK OF BERMUDA (CAYMAN) LIMITED and HSBC SECURITIES SERVICES (LUXEMBOURG) SA

T. Smith, Q.C., R. Fisher, R. Amey, P. Hayden, J. Milne and J. Moffatt for the appellant;

R. Gillis, Q.C., W. Willson, T. Brown, S. Gilson, A. Pullinger, S. Tracey and H. Khanbhai for the respondents.

Contents

Cases cited:

(1)AIC Ltd. v. ITS Testing Servs. (UK) Ltd. (“The Kriti Palm”), [2006] EWCA Civ 1601; [2007] 1 All E.R. (Comm) 667; [2007] 1 Lloyd’s Rep. 555; [2007] 2 CLC 223, followed.

(2)Alico Life Intl. Ltd. v. Thema Intl. Fund plc, [2016] IEHC 363, referred to.

(3)Allied Maples Group Ltd. v. Simmons & Simmons, [1995] 1 W.L.R. 1602; [1995] 4 All E.R. 907; [1996] CLC 153; (1995), 46 Con. L.R. 134, applied.

(4)Applegate v. Moss, [1971] 1 Q.B. 406; [1971] 1 All E.R. 747, distinguished.

(5)Arcadia Group Brands Ltd. v. Visa Inc., [2015] EWCA Civ 883; [2015] Bus. L.R. 1362; [2015] 2 CLC 437; [2015] 5 C.M.L.R. 16, followed.

(6)Arnold v. Britton, [2015] UKSC 36; [2015] A.C. 1619; [2015] 2 W.L.R. 1593; [2016] 1 All E.R. 1; [2015] H.L.R. 31; [2015] 2 P. & C.R. 14; [2015] L. & T.R. 25, applied.

(7)Assicurazioni Gen. SpA v. Arab Ins. Group (BSC), [2002] EWCA Civ 1642; [2003] 1 W.L.R. 577; [2003] 1 All E.R. (Comm) 140; [2003] 2 C.L.C. 242; [2003] Lloyd’s Rep. I.R. 131, referred to.

(8)Barclays Bank plc v. Fairclough Building Ltd., [1995] Q.B. 214; [1994] 3 W.L.R. 1057; [1995] 1 All E.R. 289; [1994] C.L.C. 529, considered.

(9)Barings plc v. Coopers & Lybrand, [1997] 1 BCLC 427; [1997] BCC 498, referred to.

(10)Barnstaple Boat Co. Ltd. v. Jones, [2007] EWCA Civ 727; [2008] 1 All E.R. 1124, referred to.

(11)Beaman v. A.R.T.S. Ltd., [1949] 1 K.B. 550; [1949] 1 All E.R. 465; (1949), 65 T.L.R. 389; 93 Sol. Jo. 236, referred to.

(12)Becker v. Medd (1897), 13 TLR 313, referred to.

(13)Bell v. Peter Browne & Co., [1990] 2 Q.B. 495; [1990] 3 W.L.R. 510; [1990] 3 All E.R. 124, referred to.

(14)Biogen Inc. v. Medeva plc, [1997] R.P.C. 1; (1996), 38 BMLR 149, dicta of Lord Hoffmann applied.

(15)Bolam v. Friern Hosp. Management Cttee., [1957] 1 W.L.R. 582; [1957] 2 All E.R. 118, considered.

(16)British Racing Drivers Club Ltd. v. Hextall Erskine & Co. (a Firm), [1996] 3 All E.R. 667; [1996] B.C.C. 727; [1996] P.N.L.R. 523, distinguished.

(17)Cave v. Robinson Jarvis & Rolf, [2002] UKHL 18; [2002] 2 W.L.R. 1107; [2002] 2 All E.R. 641; [2002] PNLR 25, applied.

(18)Christensen v. Scott, [1996] 1 NZLR 273, considered.

(19)Compania Naviera Maropan S/A v. Bowaters Lloyd Pulp & Paper Mills Ltd., [1955] 2 Q.B. 68; [1955] 2 W.L.R. 998; [1955] 2 All E.R. 241; [1955] 1 Lloyd’s Rep. 349, considered.

(20)Cox v. Transco plc, [2006] EWCA Civ 127, referred to.

(21)DNB Mortgages v. Bullock & Lees, [2000] EWCA Civ 20; [2000] PNLR 427; [2000] 1 E.G.L.R. 92, followed.

(22)Day v. Cook, [2001] EWCA Civ 592; [2002] 1 BCLC 1; [2003] BCC 256; [2001] PNLR 32, considered.

(23)Deane v. Coutts, [2018] EWHC 1657 (Ch), distinguished.

(24)Derry v. Peek (1889), 14 App. Cas. 337; [1889–90] All E.R. Rep. 1; 61 L.T. 265; 5 T.L.R. 625; 58 L.J. Ch. 864, referred to.

(25)Devaynes v. Noble, Clayton’s Case (1816), 35 E.R. 767; 1 Mer. 529, considered.

(26)E.I. du Pont De Nemours & Co. v. S.T. Dupont, [2003] EWCA Civ 1368; [2006] 1 W.L.R. 2793; [2006] C.P. Rep. 25; [2004] F.S.R. 1, considered.

(27)Eckersley v. Binnie (1988), 18 ConLR 1, dicta of Bingham, L.J. considered.

(28)Ennismore Fund Management Ltd. v. Fenris Consulting Ltd., 2016 (1) CILR 282, referred to.

(29)Equitas Ltd. v. Walsham Bros. & Co. Ltd., [2013] EWHC 3264 (Comm); [2014] Bus. L.R. D7, referred to.

(30)First Natl. Comm. Bank plc v. Humberts, [1995] 2 All E.R. 673; [1996] 5 Bank. L.R. 177; (1995), 73 B.L.R. 90; [1995] 1 E.G.L.R. 142, referred to.

(31)First Subsea Ltd. v. Balltec, [2017] EWCA Civ 186; [2018] Ch. 25; [2017] 3 W.L.R. 896, distinguished.

(32)Floyd v. John Fairhurst & Co., [2004] EWCA Civ 604; [2004] PNLR 41, referred to.

(33)Forsikringsaktieselskapet Vesta v. Butcher, [1986] 2 All E.R. 488; [1986] 2 Lloyd’s Rep. 179; on appeal, [1989] A.C. 852; [1989] 2 W.L.R. 290; [1989] 1 All E.R. 402; [1989] 1 Lloyd’s Rep. 331, applied.

(34)Foss v. Harbottle (1843), 2 Hare 461; 67 E.R. 189, referred to.

(35)Freeman v. Ansbacher Trustees, 2009 JLR 1, referred to.

(36)Garcia v. Marex Fin. Ltd., [2018] EWCA Civ 1468; [2019] Q.B. 173; [2018] 3 W.L.R. 1412; [2018] BPIR 1495, considered.

(37)Gardner v. Parker, [2004] EWCA Civ 781; [2004] 2 BCLC 554; [2005] BCC 46, considered.

(38)George Fischer (Great Britain) Ltd. v. Multi Construction Ltd., [1995] BCLC 260; [1995] BCC 310, referred to.

(39)Gerber Garment Technology Inc. v. Lectra Systems Ltd., [1997] RPC 443, referred to.

(40)Giles v. Rhind, [2001] 2 BCLC 582; on appeal, [2002] EWCA Civ 1428; [2003] Ch. 618; [2003] 2 W.L.R. 237; [2002] 4 All E.R. 977; [2003] 1 BCLC 1; [2003] BCC 79, considered.

(41)Gregg v. Scott, [2005] UKHL 2; [2005] 2 A.C. 176; [2005] 2 W.L.R. 268; [2005] 4 All E.R. 812, referred to.

(42)Henderson v. Merrett Syndicates Ltd., [1995] 2 A.C. 145; [1994] 3 W.L.R. 761; [1994] 3 All E.R. 506; [1994] 2 Lloyd’s Rep. 468, considered.

(43)Humberclyde Fin. Group Ltd. v. Hicks, [2001] EWHC 700 (Ch), referred to.

(44)India (Republic) v. India SS. Co. Ltd. (No. 2) (“The Indian Endurance”), [1998] A.C. 878; [1997] 3 W.L.R. 818; [1997] 4 All E.R. 380; [1998] 1 Lloyd’s Rep. 1; [1997] CLC 1581; [1998] I.L.Pr. 511, applied.

(45)International Leisure Ltd. v. First National Trustee Co. Ltd., [2012] EWHC 1971 (Ch); [2013] Ch. 346; [2013] 2 W.L.R. 466; [2012] BCC 738; [2014] 1 BCLC 128, referred to.

(46)J.W. Bollom & Co. Ltd. v. Byas Mosley & Co. Ltd., [2000] Lloyd’s Rep. I.R. 136; [1999] Lloyd’s Rep. P.N. 598, considered.

(47)Jackson v. Murray, [2015] UKSC 5; [2015] 2 All E.R. 805; [2015] PIQR P16; [2015] RTR 20; 2015 SC (UKSC) 105; 2015 SCLR 235; 2015 SLT 151, followed.

(48)Jefcoate v. Spread Trustee Co. Ltd., Guernsey Royal Ct., Judgment No. 42/2014; noted at 2014 GLR N [10], referred to.

(49)John G. Stein Ltd. v. O’Hanlon, [1965] A.C. 890; [1965] 2 W.L.R. 496; [1965] All E.R. 547, referred to.

(50)Johnson v. Gore Wood & Co. (No. 1), [2002] 2 A.C. 1; [2001] 2 W.L.R. 72; [2001] 1 All E.R. 481; [2001] 1 BCLC 313, applied.

(51)Johnson v. Gore Wood & Co. (No. 2), [2003] EWCA Civ 1728, dicta of Arden, L.J. considered.

(52)Kazakhstan Kagazy plc v. Arip, [2014] EWCA Civ 381; [2014] 1 CLC 451, referred to.

(53)Kelly v. Fraser, [2012] UKPC 25; [2013] 1 A.C. 450; [2012] 3 W.L.R. 1008; [2012] I.C.R. 1408, dictum of Lord Sumption approved.

(54)King v. Victor Parsons & Co., [1973] 1 W.L.R. 29; [1973] 1 All E.R. 206; [1973] 1 Lloyd’s Rep. 189, distinguished.

(55)Latin American Invs. Ltd. v. Maroil Trading Inc., [2017] EWHC 1254 (Comm); [2017] 2 CLC 45, not followed.

(56)Law Socy. v. Sephton & Co., [2006] UKHL 22; [2006] 2 A.C. 543; [2006] 2 W.L.R. 1091; [2006] 3 All E.R. 401; [2006] P.N.L.R. 31, referred to.

(57)Lee v. Sheard, [1956] 1 Q.B. 192, referred to.

(58)Maynard v. West Midlands Regional Health Auth., [1984] 1 W.L.R. 634; [1985] 1 All E.R. 635, considered.

(59)McClurg v. Royal Ulster Constabulary, [2009] NICA 44, considered.

(60)Mellor v. Partridge, [2013] EWCA Civ 477, distinguished.

(61)National Coal Bd. v. England, [1954] A.C. 403; [1954] 1 All E.R. 546, considered.

(62)Norcross v. Georgallides, [2015] EWHC 1290 (Comm), referred to.

(63)Nykredit Mortgage Bank plc v. Edward Erdman Group Ltd. (No. 2), [1997] 1 W.L.R. 1627; [1998] 1 All E.R. 305; [1998] Lloyd’s Rep. Bank. 39; [1998] CLC 116; [1998] 1 Costs L.R. 108; [1998] P.N.L.R. 197, followed.

(64)Peak Hotels & Resorts Ltd. v. Tarek Invs. Ltd., [2015] EWHC 3048 (Ch), considered.

(65)Perry v. Day, [2004] EWHC 1398 (Ch); [2005] BCC 375; further proceedings, [2004] EWHC 3372 (Ch); [2005] 2 BCLC 405, applied.

(66)Perry v. Raleys Solicitors, [2019] UKSC 5; [2019] 2 All E.R. 937; [2019] 2 W.L.R. 636; [2019] PNLR 17, followed.

(67)Peterson v. Weavering Macro Fixed Income Fund Ltd., 2015 (1) CILR 45, followed.

(68)Prudential Assur. Co. Ltd. v. Newman Indus. Ltd. (No. 2), [1982] Ch. 204; [1982] 2 W.L.R. 31; [1982] 1 All E.R. 354; [1981] Com. L.R. 265, applied.

(69)Purves v. Landell (1845), 12 Cl. & F. 91; 8 E.R. 1332; 4 Bell 46, referred to.

(70)Red Sea Tankers Ltd. v. Papachristidis (“The Hellespont Ardent”), [1997] 2 Lloyd’s Rep. 547, considered.

(71)Rondel v. Worsley, [1969] 1 A.C. 191; [1967] 3 All E.R. 993, referred to.

(72)St. Vincent European General Partner Ltd. v. Robinson, [2018] EWHC 1230 (Comm), considered.

(73)Seymour v. Pickett, [1905] 1 K.B. 715, referred to.

(74)Shaker v. Al-Bedrawi, [2002] EWCA Civ 1452; [2003] Ch. 350; [2003] 2 W.L.R. 922; [2002] 4 All E.R. 835; [2003] 1 BCLC 157, considered.

(75)Six Continents Retail Ltd. v. Carford Catering Ltd., [2003] EWCA Civ 1790, referred to.

(76)Smith v. South Wales Switchgear Co. Ltd., [1978] 1 W.L.R. 165; [1978] 1 All E.R. 18; (1977), 8 BLR 1, referred to.

(77)Solloway v. McLaughlin, [1938] A.C. 247, distinguished.

(78)Spread Trustee Co. Ltd. v. Hutcheson, [2011] UKPC 13; [2012] 2 A.C. 194; 2011–12 GLR 164; [2012] 2 W.L.R. 1360; [2012] 1 All E.R. 251, applied.

(79)Taylor v. Doncaster Metropolitan B.C., English C.A., November 1st, 1989, unreported, dictum of Slade, L.J. followed.

(80)Waddington Ltd. v. Chan Chun Hoo Thomas, [2008] HKCFA 63; (2008), 11 HKCFAR 370; [2009] 4 HKC 381; [2008] HKCU 1381; [2009] 2 BCLC 82, considered.

(81)Webster v. Sandersons Solicitors, [2009] EWCA Civ 830; [2009] 2 BCLC 542; [2009] PNLR 37, referred to.

(82)Westlake v. Bracknell DC (1987), 19 HLR 375; [1987] 1 E.G.L.R. 161, referred to.

(83)Williams v. Fanshaw Porter & Hazelhurst, [2004] EWCA Civ 157; [2004] 1 W.L.R. 3185; [2004] 2 All E.R. 616, dictum of Mance, L.J. approved.

(84)Xie v. XiO GP Ltd., 2018 (2) CILR 508, followed.

Legislation construed:

Limitation Law (1996 Revision), s.37: The relevant terms of this section are set out at para. 443.

Luxembourg Code Civil, art. 1919:

“Il...

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