At the heart of the bankruptcy, legislation is the concept of a bankrupt surrendering their estate for the benefit of creditors in return for protection from the claims of those creditors. The effect of discharge is set out in section 281 of the Insolvency Act 1986 (IA 1986). Discharge releases the bankrupt from all the bankruptcy debts. A bankruptcy debt includes any debt or liability to which the bankrupt is subject when the bankruptcy order is made or to which the bankrupt becomes subject after that date as a result of an obligation entered into before the bankruptcy order is made, as well as any interest on those debts. This may, for example, include any unsecured guarantees entered into by the bankrupt prior to the bankruptcy order being made, even where the principal debtor is not in default of its obligations. As discussed below, discharge does not however release the bankrupt from all liabilities. In addition, a number of disabilities imposed on undischarged bankrupts are lifted. Accordingly, after discharge, a bankrupt may, among other things,