Liquidation estate rules define included and excluded assets, and require the liquidator to hold them for all creditors. Liquidation estate requires the liquidator to form an estate of specified corporate debtor assets and hold it as a fiduciary for all creditors. The estate includes owned assets, assets in or out of possession, tangible and intangible assets, assets subject to ownership determination, recovered avoidance assets, relinquished security interests, other property vested in the corporate debtor at insolvency commencement, and liquidation proceeds. Exclusions include third-party owned assets in possession, trust and bailment assets, provident fund, pension fund and gratuity fund amounts, security collateral subject to netting and set-off, personal assets of shareholders or partners not linked to avoidable transactions, subsidiary assets, and notified set-off assets.