A bare licence or contractual licence to occupy residential premises for life is a personal right, not property within the meaning of s 5 of the Bankruptcy Act 1966 (Cth), and does not vest in the trustee in bankruptcy under s 58. Such a right cannot be assigned or sold, has no value to anyone but the licensee, and is not capable of realisation for the benefit of creditors. A bankrupt licensee retains standing to enforce the right of occupation. The question whether a right of occupation constitutes 'household property' exempt under s 116(2) and reg 6.03(2) was left open.
The full text is available to signed-in members, including the 7 later cases that cite this judgment.
1 of the 7 citing cases carry a classified treatment. How each court treated it is available to signed-in members.