ABSTRACT
The bankrupt's "estate" is the central functional concept underpinning the operation of bankruptcy law. The most significant asset held by any bankrupt will normally be a private residence. One of the most vexed issues in bankruptcy law concerns the fate of causes of action vested in the bankrupt prior to the date of bankruptcy. The trustee may inherit the rights of a bankrupt under a contract as the contract itself would be regarded as "property" because these rights would be akin to a cause of action. The interface between the inclusive demands of bankruptcy law and the priorities of social policy in an ageing population has been tested to the limit in the area of pension rights. The law recognises that the estate in the hands of the bankrupt at the date of his bankruptcy may in fact be less than the creditors might reasonably have anticipated.
