Lifestyle Communities receives stay on Victorian tribunal orders ahead of appeal
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The news: Lifestyle Communities has received stayed orders to stop charging deferred management fees from the Victorian Civil and Administrative Tribunal as the property developer prepares to lodge an appeal.
The numbers: Shares in Lifestyle Communities had lifted 3% to $4.74 at 3:31pm AEST.
The context: On 7 July, Victorian Civil and Administrative Tribunal president Ted Woodward found that the fees Lifestyle was charging under a standard residential site agreement were void and unenforceable.
Woodward has now issued orders to give effect to his reasons but simultaneously issued an interim stay on those orders. Lifestyle has until 5 September to lodge its appeal.
Lifestyle also told the exchange on Friday that it has "made the commercial decision to cease" charging fees for services provided to deceased estates, which has been reflected in Woodward’s order.
Lifestyle can still charge the deferred management fees while the stay is in effect, but the property developer said it “intends to quarantine these funds until the appeal is determined”.
A bid to secure a longer-term stay order is scheduled to be heard on 27 August. If granted, this would stay in place until the appeal is decided.
The interim stay order will remain in effect until a decision is made by Woodward on the longer-term stay order.
Full year financial results will be released on 21 August 2025.
The source: ASX
