Bankruptcy estate Under section 306(1) of the Insolvency Act 1986 (IA 1986), the bankrupt’s estate vests in the trustee in bankruptcy (trustee) immediately on their appointment, whether they are the official receiver (OR) or an insolvency practitioner (IP). Property vests automatically, without conveyance, assignment or transfer. The bankrupt’s estate comprises: • all property belonging to or vesting in the bankrupt at the commencement of the bankruptcy (ie when the bankruptcy order is made), and • any property which, by virtue of IA 1986, Pt IX is comprised in, or treated as falling within, the estate ‘Property’ is very widely defined. For further reading, see: What vests and doesn't vest in the trustee in bankruptcy—checklist. Aside from property which is obviously part of the estate on bankruptcy, there are two principal ways in which the trustee can increase the property within the estate: • firstly, the trustee can apply to set aside any antecedent transactions such as transactions at an undervalue and/or preferences. This Practice Note does not