A toolholder for holding a cutting tool such as a tap in the spindle of a machine tool includes a torque-limiting clutch to prevent excessive load being applied to the cutting tool. The clutch comprises at least one ball located in sockets in the driving and driven members but there is an arrangement, whereby at a predetermined critical torque, the ball moves axially out of engagement with one of the driving and driven members to disconnect the drive, and a deflecting device engages with the ball and moves it to a position where it does not encounter the socket from which it has been released or any similar sockets. This prevents wear on the clutch.The toolholder also comprises a conduit system for cutting fluid being fed into a bore in the cutting tool. The conduit extends through a telescopic part of the toolholder and includes a flexible part deviating from a straight linear form, so that it can extend by tending to straighten, in order to accommodate telescopic extension of the toolholder.