When to Start - Voting the Competent and Unqualified Builders in Commonwealth of Australia..?
The Bankrupt, Accused, and the end of Property CorporationToplace
from June 2023
A Failed adviser played a crucial function in secured — supervising the disintegration of Bankrupt Jean Nassif's business empire, which sunk under liabilities in excess of $1.24 billion, including $88.5 million payable to suppliers and onsite builders.
New disclosures about the downfall of Nassif's Toplace group of compaines have come out in documents given to the Australian Commonwealth Federal Court this recently by bankruptcy administrators from dVT Group of Companies. These documents reveal that secured creditors, such as banks with mortgages on Toplace properties and offshore lenders in tax havens like the British Virgin Islands, are owed $1 billion.
More Applicable Information:
Jean Nassif, and Toplace's Skyview building development in Castle Hill.
Unsecured creditors, have filed claims with a total est. quarter of a billion.
Court claims also indicate that Riad Tayeh, founder of dVT Group of companies, which played a fundamental duty in assuring his firm's designation as bankruptcy administrators. Even though being proclaimed financially bankrupt in July last year with $5.4 million in debt, Tayeh, now a business advisor, and partner Antony Resnick attended important business meetings with Toplace top managers in the period before the companies appointment as bankruptcy administrators.
Included in those at the meetings on Aug 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose Certificate to practice Law was suspended while she fights charges relating to fraud tied to Toplace's Skyview construction development in Castle Hill.
Riad Tayeh was charged financially bankrupt in June 2022.
Just days before the meetings, a warrant was issued for the arrest of Jean Nassif, 55, who escaped to Dubai in December 2022. Jean and Ashlyn Nassif are accused of fraud to secure a $150 million loan from Westpac.
In June, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary bankruptcy managers for Toplace, following a resolution passed by Jean Nassif, its sole director The bankruptcy administrators now face the task of handling one of Australia's biggest corporate collapses.
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 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 heart of Alexandria Melbourne, Australia we had renovated our loving sanctuary of some 30 years, a walled garden in the middle of the storm of its streets. For over 20 years, it was a loving sanctuary of comfort, a haven of shimmering beauty and safety.
As an honoured architect, my friend had graced our city of Sydney with numerous urban design proposals, but of these none were more beloved that the progressive design of the Lawrence Street, Sydney, Australia, Victorian. Featured in the Sydney Morning Herald, it was applauded as a masterpiece, weaving Victorian magic with modern elegance.
The Victorian conversion was a creed to architectural ingenuity—a two-story build and renovations to a late Victorian terrace, providing a home for a family and a home-office or studio. The premier feature was the light tower, high above the main structure with suspended stairway, capturing the core of the southeastern and north west sky. French style sash windows adorned the main bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.
However, our idyllic existence was shattered 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 warning, he began demolishing our brick supporting wall, the main load-bearing wall of our master bedroom. At one point he had constructed pipes 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 oversight that threatened our safety. In spite of our urgent efforts to seek resolution the issue with the neighbour's and contacting the council, we were informed the builder's inspector had already approved on the construction, providing no recourse and leaving us open to harm.
Despite getting a legal decision in their favour and compensation for the damages incurred, the emotional toll was immeasurable and created many unpleasant memories. They decided to sell their cherished home, we mourned the loss of our garden refuge, another victim of proper government oversight and dodgy building practices. The lack of proper oversight and governance by local government allowed this tragedy to unfold, heightening the necessity for more extensive responsibilities and legal protection for owners.
As we grapple with the consequence of this ordeal, we are left to consider: What assistance do house owners have when their greatest financial investment are made vulnerable by the neglect of dodgy builders? {https://www.facebook.com/groups/1240633520160302, Construction
