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The Insolvent, Accused, and the end of Property CorporationToplace
from Sept 2023
A Failed consultant played a crucial role in secured — oversight of the collapse of Defendant Jean Nassif's property empire, which drowned under liabilities surpassing $1.24 billion, inclusive $88.5 million payable to suppliers and tradespeople.
Brand New revelations about the downfall of Nassif's Toplace corporation have emerged in evidence given to the Federal Court this week by bankruptcy administrators from dVT Group. These evidence unveiled that secured creditors such as offshore lenders in tax havens, are owed one thousand million.
Further Relevant Information:
Riad Tayeh, Jean Nassif, and Toplace's Skyview construction in Castle Hill.
Creditors without Security, have made claims with a total estimated quarter of a billion.
Court claims also show that Riad Tayeh, company founder of dVT Group of companies, played a key responsibility in assuring his businesses appointment as bankruptcy administrators. In spite of being proclaimed bankrupt in June last year with $5.4 million in debt, Tayeh, now a business consultant, and business colleague Antony Resnick went to important meetings with Toplace top managers in the period leading up to the firm's appointment as administrators.
Included in those involved at the meetings on June 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate 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 charged insolvent in May 2022.
Just before these meetings, a warrant was issued for the arrest of Jean Nassif, 55, who escaped to Dubai in October 2022. Jean and Ashlyn Nassif are accused of fraud to secure a $150 million loan from Westpac.
In July, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary bankruptcy administrators for Toplace, following a resolution passed by Jean Nassif, Toplace's sole director, via email just hours prior. The administrators now face the task of handling one of New South Wales' largest 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. Administrators are also investigating more than 3,000 residential apartments still under development.
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 Central Business District of Alexandria Melbourne, Australia we had renovated our gorgeous sanctuary of greater than 20 years, a walled garden in the centre of the chaos of the city. For greater than 20 years, it was a beautiful home of comfort, a oasis of shimmering beauty and safety.
As an honoured architect designer, my friend had tirelessly provided to our community with many municipal creative proposals, but of these none were more personal and loved that the innovative design of the Lawrence Street, Sydney, Australia, Victorian conversion. Conspicuously in the Sydney Morning Herald, it was hailed as a creative masterpiece, weaving old-world appeal with modern-day elegance.
The Victorian transmutation was a testament to architectural ingenious—a two-story addition and conversion to a late Victorian terrace, providing a house for a family and a home office. The highlight was the light tower, high above the main structure with floating stairs, capturing the core of the southeastern and north west skies. French sash windows dressed the main bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.
However, beautiful existence was destroyed when a new neighbour, a fencing contractor, moved in next door. Initially welcomed, his 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-bearing wall of our master bedroom. At one period of time he had constructed pipes from his roof diverted water into our studio, causing over some several thousand dollars damage to the upstairs rooms, and undermining the footing of the house.
In addition to outline the lack of construction experience, we discovered that the intermediate wall lacked the required fire rating, a critical oversight that threatened our well-being. In spite of our pressing efforts to rectify the problem with the builder and contacting the council, we were informed the builder's inspector had already signed off on the building renovations, ignoring our concerns and leaving us vulnerable to harm.
In spite of receiving a legal judgement in their favour and recompense for the damages incurred, the emotional toll was abysmal and created many unpleasant memories. They were forced to sell their cherished home, we mourned the loss of our award winning sanctuary, another victim of proper government oversight and unsafe construction practices. The lack of proper oversight and appropriate governance by local government created the environment for this tragedy to unfold, highlighting the necessity for more extensive responsibilities and protection for homeowners.
As we wrestle with the effects of this experience, we are left to ponder: What assistance do owners have when their greatest financial investment are threatened by the neglect of others? {https://www.facebook.com/groups/1240633520160302, Construction
