With some exceptions (see property a bankrupt can keep), a trustee can take most of a bankrupt's real estate and personal property, whether situated in Australia or elsewhere [Bankruptcy Act 1966 s 116, Bankruptcy Regulations 1996 Regs 6.03 and 6.04]. This includes the bankrupt's interest in a house (whether owned alone or jointly with someone else), cash in the bank, jewellery, stocks, shares and debentures, fixtures and fittings, gifts and legacies received under a will, crops and more. Any money owed to the bankrupt can be recovered by the trustee unless it is protected (exempt).