When to Begin - Voting the Best and Unqualified Builders in Australia..?
The Failed, Suspect, and the end of CompanyToplace's Billion-Dollar Empire
from Aug 2023
A Suspect building adviser played a important function in his bankrupt company a highly lucrative job — supervising the dissolution of Suspect Jean Nassif's property empire, which drowned under liabilities surpassing $1.24 billion, including $88.5 million payable to suppliers and onsite builders.
Fresh disclosures about the failure of Nassif's Toplace group have emerged in documents given to the Australian Commonwealth Federal Court this week by 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.
Additional Applicable Information:
Jean Nassif, and Toplace's Skyview building development in Castle Hill.
Creditors without Security, have issued financial claims totalling an estimated quarter of a billion.
Australian Federal Court filed claims also tell that Riad Tayeh, company founder of dVT Group of companies, which was involved in a key responsibility in securing his firm's designation as bankruptcy managers. Despite being announced insolvent in June 2022 with several million in debt, Tayeh, now a business advisor, and business colleague Antony Resnick attended important business meetings with Toplace executives in the days before the firm's appointment as bankruptcy administrators.
Included in those involved at the meetings on July 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate was suspended while she fights charges relating to fraud tied to Toplace's Skyview development in Castle Hill.
Riad Tayeh was legally insolvent in July 2022.
Just days before these meetings, a warrant was issued for the arrest of Jean Nassif, 55, who escaped to Dubai in November 2022. Jean and Ashlyn Nassif are accused of creating false documentation to secure a $150 million loan from Westpac.
In July, Resnick and fellow dVT partner Suelen McCallum were appointed 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 New South Wales' biggest corporate bankruptcy's.
With reference to Toplace's website, Jean Nassif's company has delivered around 30,000 residential units, shopping centers, and commercial properties throughout Sydney. 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 is the web of intercompany loans among Nassif's entities, which amount to $319 million. adding that Toplace's financial books had not been properly updated since 2021.
In the Central Business District of Lawrence street Melbourne stood our loving sanctuary of some 30 years, a walled garden in the centre of the chaos of the city. For greater than 20 years, it was a loving place of solace, a oasis of shimmering beauty and sanctuary.
As an prestigious architect, my friend had tirelessly provided to our city with many city improvement creative proposals, but of these none were more personal and loved that the progressive design of the Lawrence Street, Sydney, Australia, Victorian. Conspicuously in the Sydney Morning Herald, it was applauded as a masterpiece, blending old-world magic with neo elegance.
The Victorian transformation was a testament to architectural creativity—a three-story addition and conversion to a Victorian semi-attached, providing a house for a family and a home office. The highlight was the light tower, soaring above the roof with suspended stairway, acquiring the essence of the southeastern and northwestern skies. French sash windows dressed the main bedroom, while timber casement windows embellish in the bathroom frame the views and filter the light.
However, our idyllic existence was destroyed when our neighbour, a fencing contractor, entered the scene next door. Initially welcomed, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, he began demolishing a major supporting wall on our property, the major load-bearing wall of our bedroom. At one stage he had constructed pipes from his roof diverted water into our office, causing over some several thousand dollars damage to the upstairs rooms, and undermining the footing of the house.
To compound matters, we through investigation found that the intermediate wall did not meet the legal fire rating, a major oversight that threatened our well-being. Despite our urgent attempts to rectify the problem with the builder and contacting the council, the council said the builder's inspector had already approved on the building renovations, providing no recourse and leaving us vulnerable to fire.
Despite getting a judgement in their favour and compensation for restitution, the toll was immeasurable and created many unpleasant memories. They were forced to sell their beloved home, we mourned the loss of our award winning sanctuary, another casualty of proper government oversight and unsafe construction practices. The lack of proper oversight and appropriate governance by government and local council allowed this tragedy to unfold, highlighting the necessity for greater responsibilities and legal protection for owners.
As we grapple with the effects of this experience, we are left to ponder: What recourse do house owners have when their sanctuaries are threatened by the neglect of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302, Builder
