Extensive shell-model calculations have been performed on 5'*'55'56Fe. The results obtained in a model space with two and with up to three f7/2 holes in the 56Ni core are compared with experiment. The Surface Delta Interaction (SDI) and the Kuo Brown interaction (KB) have been used to calculate energy levels, spectroscopic factors and electromagnetic properties resulting especially for 56Fe in a remarkably good agreement with experiment. Admixtures of three-hole components in the wave functions are significant and increase with mass number. Properties of high-spin states with J <15 are discussed. Pronounced collective features derived microscopically are expected in 56Fe. Finally some suggestions for interesting experiments are given.