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Buchler v Talbot : ウィキペディア英語版 | Buchler v Talbot
''Buchler v Talbot'' () UKHL 9 is a UK insolvency law case, concerning the priority of claims in a liquidation. Under English law at the time the expenses of liquidation took priority over the preferred creditors, and the preferred creditors took priority over the claims of the holder of a floating charge. However, a crystallised floating charge theoretically took priority over the liquidation expenses. Accordingly the courts had to try and reconcile the apparent triangular conflict between priorities. ==Facts== In 1992, Leyland DAF Ltd, an English member of the Dutch group DAF Trucks, granted to Stichting Ofasec a mortgage debenture to secure a loan, containing a floating charge. In 1993, the DAF group collapsed, and Ofasec appointed administrative receivers, which crystallised the floating charge into a fixed charge. The receivers realised the assets, paid preferential debts, and made interim distributions to Ofasec. £72m remained. In the Netherlands, litigation was ongoing meaning this sum could have been insufficient to meet the claims of the debenture holder. In 1996, Leyland DAF Ltd entered voluntary liquidation. The liquidator’s costs exceeded the amount realised, but they applied for a declaration that their expenses and pay should come out of the proceeds of the realisation of the assets of Leyland DAF Ltd including those subject to a floating charge. Rimer J held that under Insolvency Act 1986, section 175(2)(b) the liquidators were entitled to have their expenses. The Court of Appeal agreed. Ofasec appealed.
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