Buchler v Talbot [2004] UKHL 9 is a UK insolvency law case, concerning the priority of claims in a liquidation.

None of the costs and expenses of winding up Leyland DAF Ltd were payable out of the assets under the floating charge until all the principal and interest had been paid.

Thereafter the assets subject to the floating charge form a separate fund in which the debenture holder has a proprietary interest.

It is this equity of redemption which forms part of the fund held on trust for the company's creditors which arises upon a winding up.’Lord Millett gave the longest judgment, where he referred to Re Barleycorn Enterprises Ltd and why it had been mistaken.

A curiosity of the case is that there would have been no answer to the accountants' claim if they had persuaded the bank to release its security, which was worthless.

Section 176ZA of the Insolvency Act 1986 effectively reverts the position under English law to what it was believed to have been under Re Barleycorn Enterprises Ltd.