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Betrayal Backside of Connecting Partition: A Neighbour Calamitous Effect on Our Peaceful Shelter
In the CBD of Lawrence street Melbourne we had renovated our gorgeous refuge of greater than 20 years, a walled garden in the centre of the chaos of the city. For 30 years, it was a gorgeous sanctuary of comfort, a shelter of beauty and safety.
As an honoured architect, my friend had graced our city of Sydney with many city improvement proposals, but of these none were more beloved that the innovative design of the Lawrence Street, Alexandria, Victorian. Featured in the Sydney Morning Herald, it was applauded as a masterpiece, weaving old-world appeal with modern elegance.
The Victorian conversion was a testament to architectural ingenious—a three-story addition and conversion to a late Victorian semi-attached, offering a home for a small family and a home-office or studio. The premier feature was the light tower, soaring above the main structure with suspended stairs, capturing the essence of the south east and northwestern sky. French sash windows adorned the main bedroom, while timber casement windows decorate in the bathroom welcomed views and filtered light.
However, our beautiful existence was shattered when our neighbour, a builder, moved in next door. Initially welcomed with open arms, 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 office, causing over some several thousand dollars damage to the upstairs rooms, and undermining the footing of the house.
To compound matters, we discovered that the intermediate wall lacked the required fire rating, a critical oversight that threatened our safety. In spite of our urgent attempts to seek resolution the issue with the builder and contacting the council, the council said the builder's inspector had already approved on the project, ignoring our concerns and leaving us open to fire.
In spite of getting a legal judgement in their favour and compensation for restitution, 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 dangerous construction practices. The lack of proper oversight and governance by government and local council allowed this tragedy to unfold, highlighting the demand for greater accountability and legal protection for owners.
As we grapple with the consequence of this trial, we are left to consider: What assistance do owners have when their greatest financial investment are made vulnerable by the carelessness of dodgy builders?
Where to Commence - Pick the Capable and Inept Building Companies in Commonwealth of Australia..?
The Failed, Defendant, and the end of Property CorporationToplace
from June 2023
A Defendant building consultant was extensively concerned with acquiring his insolvent registered company a very lucrative job — supervising the dissolution of Accused Jean Nassif's business empire, which drowned under financial obligations surpassing $1.24 billion, including $88.5 million due to suppliers and tradespeople.
Fresh disclosures about the ruin of Nassif's Toplace corporation have emerged in documents given to the Australian Federal Court this month by administrators from dVT Group of Companies. These evidence uncover that secured creditors such as banks with mortgages, are owed $1 billion.
More Relevant Information:
Riad Tayeh, Jean Nassif, and Toplace's Skyview building development in Castle Hill.
Creditors without Security, have filed claims totalling an estimated quarter of a billion.
Court claims also tell that Riad Tayeh, business founder of dVT Group, which played a central responsibility in securing his companies appointment as bankruptcy managers. Despite being announced financially bankrupt in May 2022 with millions in debt in debt, Tayeh, now a consultant, and business colleague Antony Resnick went to important meetings with Toplace executives in the days before the companies appointment as bankruptcy administrators.
As well as those at the meetings on June 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate has been suspended while she fights charges relating to fraud tied to Toplace's Skyview development in Castle Hill.
Riad Tayeh was charged insolvent in July last year.
Just before these meetings, an arrest warrant was issued of Jean Nassif, 55, who escaped to Dubai in October 2022. Jean and Ashlyn Nassif are accused of creating false documentation to secure a $150 million loan from Westpac.
In June, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary bankruptcy administrators for Toplace, following a resolution passed by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy managers 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. 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.
Resolution Reached for Mascot Towers, Owners to Finally Escape Longstanding Struggles...
After five years of enduring legal battles and financial burdens, relief may be in sight for the long-suffering apartment owners of Mascot Towers in Sydney. A landmark deal brokered by the New South Wales government offers a pathway for owners to sell their properties individually, potentially freeing them from debt and uncertainty. The majority of owners have opted to accept the government's proposal, which involves selling to a third-party commercial consortium rather than pursuing a collective sale.
As part of the agreement, owners will receive a portion of the $30 million building price, along with means-tested support from the state government. Additionally, banks have agreed to reduce loan balances by up to 40% for owner-occupiers, enabling them to move out without financial encumbrances.
However, this debt-relief option is exclusively available to those who resided in the property prior to its evacuation in 2019 due to structural defects. Eligible owner-occupiers, along with select investors, may qualify for government assistance of up to $120,000, depending on their income and assets. While the deal offers a fresh start for many, it comes with the realization that property values have significantly depreciated since the original purchase. Despite this drawback, the Minister for Fair Trading, Anoulack Chanthivong, views the agreement as a crucial step towards closure for affected owners, describing it as the end of a "dark chapter" in the state's building history.
The next phase involves determining the extent of government support for owners and ensuring that lenders fulfill their commitments. The journey towards resolution began in 2019 when residents were evacuated due to structural concerns, prompting a prolonged battle for justice and financial relief. Throughout this ordeal, owners faced the burden of ongoing levies, mortgages, and remediation costs, exacerbating their plight. The evacuation prompted a grassroots campaign urging regulatory reforms and developer accountability, culminating in the current agreement.
To date, the NSW government has allocated $21 million in support to affected owners, underscoring its commitment to addressing the repercussions of defective building practices. As the community looks ahead to a new chapter, the resolution of Mascot Towers stands as a testament to perseverance and collective action in the face of adversity.
The Wall