When to Begin - Vote the Capable and Unqualified Construction Companies in Commonwealth of Australia..?
The Bankrupt, Accused, and the end of CompanyToplace's Billion-Dollar Empire
from Sept 2023
A Insolvent consultant played a important function in his bankrupt corporation a highly lucrative job — managing the disintegration of Defendant Jean Nassif's property empire, which drowned under debts in excess of $1.24 billion, inclusive $88.5 million due to suppliers and tradespeople.
New revelations about the failure of Nassif's Toplace corporation have appeared in documents given to the Australian Commonwealth Federal Court this recently by bankruptcy managers from dVT Group. These evidence unveiled that secured creditors such as banks with mortgages, are owed one thousand million.
Further Applicable Info:
Riad Tayeh, and Toplace's Skyview construction in Castle Hill.
Unsecured creditors, have filed claims totalling an est. $244 million.
Court claims also tell that Riad Tayeh, company founder of dVT Group, which played a key role in guaranteeing his firm's assignment as bankruptcy administrators. In spite of being announced insolvent in July 2022 with $5.4 million in debt, Tayeh, now a consultant, and partner Antony Resnick went to important meetings with Toplace executives in the period leading up to the firm's appointment as bankruptcy administrators.
Among those involved at the meetings on Aug 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate 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 charged insolvent in July 2022.
Just days before the 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 creating false documentation to secure a $150 million loan from Westpac.
In July, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary bankruptcy administrators for Toplace, following a resolution passed by Jean Nassif, its sole director The administrators now face the task of handling one of Australia's biggest corporate collapses.
According 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 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 we had renovated our loving refuge of some 30 years, a secret award winning house and garden amidst the chaos of the city. For 30 years, it was a beautiful refuge of comfort, a shelter of shimmering beauty and safety.
As an prestigious architect designer, my friend had donated to our city with numerous urban creative proposals, but of these none were more beloved that the modern design of the Lawrence Street, Alexandria, Sydney, Victorian conversion. Conspicuously in the Sydney Morning Herald, it was acclaimed as a masterpiece, blending Victorian magic with modern elegance.
The Victorian conversion was a testament to architectural ingenious—a two and 1/2-story build and conversion to a Victorian semi-attached, 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 south east and north west skies. French style sash windows dressed the main bedroom, while timber casement windows embellish in the bathroom frame the views and filter the light.
However, this pleasant existence was shattered when our neighbour, a builder, 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 our brick supporting wall, the main load supporting wall of our bedroom. At one point he had setup a hose from his roof diverting water into our studio, 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 lacked the required fire rating, a major omission that threatened everyone's well-being. In spite of our pressing endeavours 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 project, providing no recourse and leaving us open to fire.
In spite of receiving a legal decision in their favour and compensation for restitution, the emotional toll was abysmal and created many unpleasant memories. They decided to sell their cherished home, we mourned the loss of our garden refuge, another casualty of government negligence and dodgy building practices. The lack of oversight and appropriate governance by government and local council created the environment for this tragedy to unfold, highlighting the necessity for more responsibilities and legal protection for homeowners.
As we grapple with the aftermath of this ordeal, we are left to ponder: What assistance do homeowners have when their sanctuaries are made vulnerable by the carelessness of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302, Builder
