When to Commence - Voting the Competent and Unqualified Builders in Australia..?
The Insolvent, Suspect, and the ending of Building CompanyToplace
from Oct 2023
A Failed consultant played a pivotal function in securing — supervising the collapse of Failed Jean Nassif's business empire, which drowned under debts exceeding $1.24 billion, including $88.5 million due to suppliers and sub-contractors.
New disclosures about the downfall of Nassif's Toplace group have come out in documents shown to the Australian Federal Court this week by bankruptcy managers from dVT Group. These papers unveiled that secured creditors such as offshore lenders in tax havens, are owed $1 billion.
Further Applicable Info:
Riad Tayeh, Jean Nassif, and Toplace's Skyview building development in Castle Hill.
Creditors without Security, have made claims totalling an estimated $244 million.
Federal Court filings also show that Riad Tayeh, business founder of dVT Group, played a fundamental responsibility in securing his firm's appointment as administrators. In spite of being announced bankrupt in May 2022 with several million in debt, Tayeh, now a business advisor, and partner Antony Resnick attended important business meetings with Toplace top managers in the weeks leading up to the firm's appointment as bankruptcy administrators.
Among those attending the meetings on July 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate has been suspended while she fights charges related to a $150 million fraud bound to Toplace's Skyview development in Castle Hill.
Riad Tayeh was charged bankrupt in July last year.
Just days before the meetings, an arrest warrant was issued of Jean Nassif, 55, who fled Sydney for Dubai in December 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 made voluntary administrators for Toplace, following a resolution passed by Jean Nassif, its sole director The bankruptcy administrators now face the task of handling one of New South Wales' biggest corporate bankruptcy's.
According to Toplace's website, Jean Nassif's company has delivered around 30,000 residential units, shopping centers, and commercial properties throughout Sydney. 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 Central Business District of Alexandria, Melbourne we had renovated our beautiful sanctuary of some greater than 20 years, a concealed special architecturally designed house and garden in the middle of the storm of the city streets. For 30 years, it was a gorgeous sanctuary of solace, a oasis of beauty and safety.
As an esteemed architect designer, my friend had donated to our city with many city improvement creative proposals, but of these none were more personal that the innovative design of the Lawrence Street, Alexandria, Sydney, Victorian style conversion. Featured in the Sydney Morning Herald, it was hailed as a masterpiece, weaving Victorian appeal with modern-day elegance.
The Victorian transmutation was a creed to architectural inventiveness—a two-story build and conversion to a Victorian style semi-attached, providing a home for a small family and a home office. The premier feature was the light tower, soaring above the main structure with suspended stairway, acquiring the core of the southeastern and northwestern sky. French sash windows adorned the main bedroom, while timber casement windows decorate in the bathroom welcomed views and filtered light.
However, beautiful lifestyle was destroyed when a new neighbour, a fencing contractor, moved in next door. Initially welcomed with open arms, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without proper notification, he began demolishing a major supporting wall on our property, the major load supporting wall of our master bedroom. At one period of time he had setup a hose from his roof diverting water into our studio, causing several thousand dollars damage to the upstairs rooms, and undermining the footing of the house.
In addition to outline the absolute lack of construction experience, we through investigation found that the intermediate wall lacked the required fire rating, a major omission that threatened everyone's well-being. Despite our urgent attempts 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 project, providing no recourse and leaving us open to fire.
In spite of getting a legal decision in their favour and recompense for restitution, 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 victim of proper government oversight and dangerous building practices. The lack of proper oversight and governance by local government allowed this tragedy to unfold, highlighting the demand for greater responsibilities and protection for homeowners.
As we grapple with the effects of this trial, we are left to ponder: What help do homeowners have when their sanctuaries are made vulnerable by the carelessness of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302,
