Liquidation estate rules define which corporate debtor assets enter liquidation and which third-party or excluded assets stay outside recovery. Formation of a liquidation estate requires the liquidator to assemble all assets over which the corporate debtor has ownership rights and to hold that estate as a fiduciary for the benefit of all creditors. The liquidation estate includes tangible and intangible assets, encumbered assets, assets recovered through avoidance or wrongful trading proceedings, relinquished security interests, property vested in the corporate debtor at the insolvency commencement date, and liquidation proceeds. It excludes third-party owned assets in the debtor's possession, trust and bailment property, specified employee fund dues, subsidiary assets, certain collateral subject to netting and set-off, and personal assets of shareholders or partners not linked to avoidable transactions.