403. Property over which bankrupt has power of disposition.

403.     Property over which bankrupt has power of disposition.

A general power of appointment over property is not, strictly speaking, property1; but, if it is exercisable by deed, it is within the extended meaning in which the term 'property' is used in the Insolvency Act 1986 in determining what property of the bankrupt is comprised in the bankrupt's estate2; such a power may be exercised by the trustee for the creditors' benefit so long as the bankrupt is living3. A general power of appointment which is exercisable by will only is not 'property' within the Insolvency Act