Taxonomic, phylogenetic and functional responses of plant communities in different life-stages to forest cover loss

•Forest loss leads to decline in tree species richness.•Species richness is effective for recording biodiversity responses to deforestation.•Extinction debt might not be masking long-term effects of deforestation.•High conservation value of disturbed forests, in terms of evolutionary history.•Disturbed forests are partly maintaining ecosystem function now, and in the future.