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The Bankrupt, Fugitive, and the Collapse of Property CorporationToplace's Billion-Dollar Empire
from July 2023
A Suspect building consultant played a crucial role in secured — oversight of the collapse of Accused Jean Nassif's property empire, which went under liabilities surpassing $1.24 billion, incl. $88.5 million payable to suppliers and tradespeople.
Brand New disclosures about the downfall of Nassif's Toplace corporation have emerged in documented evidence presented to the Australian Federal Court this recently by bankruptcy administrators from dVT Group. These documents uncover that secured creditors, such as banks with mortgages on Toplace properties and offshore lenders in tax havens like the British Virgin Islands, are owed one thousand million.
Further Relevant Subject Matter:
Jean Nassif, and Toplace's Skyview development in Castle Hill.
Unsecured creditors, have issued financial claims totalling an estimated quarter of a billion.
Court filed claims also tell that Riad Tayeh, company founder of dVT Group of companies, played a central responsibility in guaranteeing his companies appointment as administrators. In spite of being declared insolvent in May 2022 with several million in debt, Tayeh, now a business consultant, and business colleague Antony Resnick went to crucial meetings with Toplace top managers in the weeks before the firm's appointment as bankruptcy administrators.
Among those attending the meetings on May 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose Certificate to practice Law has been suspended while she fights charges related to a $150 million fraud tied to Toplace's Skyview development in Castle Hill.
Riad Tayeh was declared financially bankrupt in May last year.
Just before these meetings, an arrest warrant was issued of Jean Nassif, 55, who escaped to Dubai in December 2022. Jean and Ashlyn Nassif are accused of falsifying contracts to secure a $150 million loan from Westpac.
In August, Resnick and fellow dVT partner Suelen McCallum were made voluntary bankruptcy managers for Toplace, following a resolution passed by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy administrators now face the task of handling one of NSW's largest corporate bankruptcy's.
Resnick filed an affidavit in the Federal Court indicating that while Toplace's assets are valued at approximately $1.47 billion, its debts are nearly the same amount. Despite this, several owners' corporations have filed claims amounting to nearly $124 million to address serious defects in Toplace's buildings.
Further complicating the administrators' task a staff member suggested there may be another $400 million in loans involving Nassif entities that are not yet under administration. adding that Toplace's financial books had not been properly updated since 2021.
In the heart of Alexandria, Melbourne stood our beautiful refuge of some greater than 20 years, a concealed special architecturally designed house and garden in the middle of the chaos of its streets. For greater than 20 years, it was a beautiful place of solacement, a oasis of beauty and safety.
As an honoured architect designer, my friend had donated to our community with many municipal proposals, but of these none were more beloved that the modern design of the Lawrence Street, Alexandria, Sydney, Victorian style conversion. Featured in the Sydney Morning Herald, it was applauded as a masterpiece, blending Victorian magic with neo elegance.
The Victorian transformation was a testament to architectural ingenuity—a two and 1/2-story addition and renovations to a Victorian terrace, providing a home for a small family and a home office. The highlight was the light tower, soaring above the roof with floating stairway, capturing the core of the south east and north west sky. French sash windows dressed the main bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.
However, our idyllic lifestyle was destroyed when our neighbour, a builder, entered the scene next door. Initially welcomed with open arms, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, he began demolishing our brick supporting wall, the major load-bearing wall of our master bedroom. At one point he had constructed a hose from his roof diverting water into our upstairs studio, causing several thousand dollars damage to our property and undermining its structural integrity.
To compound matters, we discovered that the intermediate wall did not meet the legal fire rating, a major omission that endangered our safety. In spite of our pressing endeavours to rectify the problem with the neighbour's and contacting the council, the council said the builder's inspector had already approved on the project, ignoring our concerns and leaving us vulnerable to harm.
Despite getting a legal decision in their favour and compensation for the damages incurred, the toll was immeasurable and created many unpleasant memories. They decided to sell their beautiful home, we mourned the loss of our award winning sanctuary, another casualty of proper government oversight and unsafe construction practices. The lack of oversight and appropriate governance by government and local council allowed this tragedy to unfold, heightening the need for more extensive responsibilities and protection for homeowners.
As we wrestle with the consequence of this trial, we are left to ponder: What assistance do house owners have when their greatest financial investment are threatened by the neglect of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302, Construction
