Village Life bows out – Fig Tree proposes voluntary liquidation

The final nail in Village Life was driven home today with Fig Tree Developments Limited announcing its own voluntary windup as a publicly listed company. At one stage it represented over 80 rental villages but it could not make a profit based on a rental that was a percentage of the standard Single Aged Pension plus the maximum Government Rent Assistance. It has been battling the Australian Taxation Office over GST, a class action by shareholders through Slater and Gordon, and a Court challenge by Prime Trust over management of 12 of its villages -- in which it subsequently lost in April. (See Eureka Care Communities’ story). It is now handed management of any remaining villages back to their owners.