Primeo Fund v Bank of Bermuda (Cayman) Ltd and another (Cayman Islands)

The reflective-loss bar is assessed at the time the loss is suffered, not when proceedings are brought. A shareholder cannot escape the bar by later selling the shares. Nectrus Ltd v UCP [2021] EWCA Civ 57 was wrongly decided on that timing point (Lord Reed, [61]). Subsequent English CA authority follows Primeo on timing (Burnford v Automobile Association Developments Ltd [2022] EWCA Civ 1943).