How to Start - Voting the Qualified and Unqualified Building Companie in Australia..?
The Insolvent, Fugitive, and the end of Building CompanyToplace
from July 2023
A Accused building adviser played a crucial role in his bankrupt corporation a highly lucrative job — managing the dissolution of Failed Jean Nassif's business empire, which drowned under financial obligations exceeding $1.24 billion, incl. $88.5 million payable to suppliers and tradespeople.
Fresh revelations about the failure of Nassif's Toplace group of compaines have emerged in evidence given to the Australian Commonwealth Federal Court this week by bankruptcy administrators from dVT Group. These documents reveal that secured creditors such as offshore lenders in tax havens, are owed $1 billion.
More Relevant Information:
Riad Tayeh, and Toplace's Skyview building development in Castle Hill.
Unsecured creditors, have filed claims with a total estimated $244 million.
Court filings also show that Riad Tayeh, founder of dVT Group, played a key duty in securing his businesses designation as bankruptcy managers. In spite of being announced bankrupt in May last year with millions in debt in debt, Tayeh, now a business advisor, and business colleague Antony Resnick attended crucial meetings with Toplace top managers in the weeks leading up to the companies appointment as bankruptcy administrators.
Included in those attending the meetings on June 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose Certificate to practice Law was suspended while she fights charges related to a $150 million fraud tied to Toplace's Skyview building development in Castle Hill.
Riad Tayeh was declared bankrupt in May 2022.
Just days before these meetings, an arrest warrant was issued of Jean Nassif, 55, who fled Sydney for Dubai in October 2022. Jean and Ashlyn Nassif are accused of falsifying contracts to secure a $150 million loan from Westpac.
In June, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary administrators for Toplace. by Jean Nassif, its sole director The administrators now face the task of handling one of New South Wales' 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. Administrators are also investigating more than 3,000 residential apartments still under development.
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 CBD of Alexandria, Melbourne stood our beautiful sanctuary of some 30 years, a secret award winning house and garden amidst the noise of its streets. For 30 years, it was a loving place of comfort, a oasis of beauty and safety.
As an honoured architect designer, my friend had tirelessly provided to our city of Sydney with numerous municipal design proposals, but of these none were more personal and loved that the progressive design of the Lawrence Street, Alexandria, Sydney, Victorian style conversion. Featured in the Sydney Morning Herald, it was applauded as a masterpiece, weaving Victorian magic with neo elegance.
The Victorian transmutation was a testament to architectural ingenious—a two and 1/2-story addition and renovations to a Victorian semi-attached, offering a home for a small family and a home-office or studio. The highlight was the light tower, far above the roof with floating stairway, acquiring the core of the southeastern and north west sky. French sash windows adorned the main bedroom, while timber casement windows embellish in the bathroom frame the views and filter the light.
However, our idyllic lifestyle was shattered when a new 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 warning, he began demolishing our brick supporting wall, the major load-bearing wall of our bedroom. At one period of time he had setup a hose from his roof diverted water into our upstairs studio, causing several thousand dollars damage to our property and undermining its structural integrity.
Further to outline the lack of construction experience, we through investigation found that the intermediate wall lacked the required fire rating, a critical omission that endangered everyone's well-being. Despite our pressing efforts to seek resolution the problem with the neighbour's and contacting the council, the council said the builder's inspector had already signed off on the building renovations, ignoring our concerns and leaving us vulnerable to harm.
In spite of getting a legal decision in their favour and recompense for the damages incurred, the emotional toll was immeasurable and created many unpleasant memories. They decided to sell their beloved home, we mourned the loss of our garden refuge, another victim of government negligence and dicey construction practices. The lack of oversight and appropriate governance by local government allowed this tragedy to unfold, highlighting the demand for greater accountability and protection for owners.
As we grapple with the aftermath of this ordeal, we are left to ponder: What assistance do house owners have when their sanctuaries are made vulnerable by the negligence of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302,
