In this Part—
"commencement day" means the day on which section 56 comes into operation;
"liabilities" means all liabilities, duties and obligations, whether actual, contingent or prospective;
"property" means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description;
"rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective.