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Where to Begin - Voting the Competent and Incompetent Building Companie in Australia..?
The Bankrupt, Accused, and the Collapse of Property CorporationToplace
from July 2023
A Defendant building consultant played a pivotal role in securing — supervising the dissolution of Accused Jean Nassif's corporate empire, which sunk under financial obligations surpassing $1.24 billion, incl. $88.5 million owed to suppliers and tradespeople.
New disclosures about the failure of Nassif's Toplace corporation have emerged in documented evidence given to the Federal Court this recently by bankruptcy administrators from dVT Group. These papers unveiled that secured creditors such as banks with mortgages, are owed one thousand million.
Further Relevant Information:
Jean Nassif, and Toplace's Skyview development in Castle Hill.
Creditors without Security, have issued financial claims totalling an est. quarter of a billion.
Federal Court claims also show that Riad Tayeh, founder of dVT Group, played a fundamental role in guaranteeing his businesses designation as administrators. Even though being announced insolvent in July last year with several million in debt, Tayeh, now a business advisor, and partner Antony Resnick went to crucial meetings with Toplace top managers in the days before the firm's appointment as bankruptcy administrators.
Among those at the meetings on July 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate was suspended while she fights charges related to a $150 million fraud bound to Toplace's Skyview development in Castle Hill.
Riad Tayeh was declared insolvent in May last year.
Just days before the meetings, a warrant was issued for the arrest of Jean Nassif, 55, who escaped to Dubai in December 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 appointed voluntary bankruptcy administrators for Toplace, following a resolution passed by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy administrators now face the task of handling one of NSW's biggest 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 The administrators noted difficulty in unraveling the debt due to "intermingling of financial records," adding that Toplace's financial books had not been properly updated since 2021.
In the heart of Alexandria, Melbourne we had renovated our beautiful sanctuary of 30 years, a concealed special architecturally designed house and garden amidst the noise of the city streets. For 30 years, it was a gorgeous refuge of comfort, a shelter of shimmering beauty and asylum.
As an prestigious architect creator, my friend had tirelessly provided to our city of Sydney with many city improvement design proposals, but of these none were more personal and loved that the modern design of the Lawrence Street, Alexandria, Victorian style conversion. Conspicuously in the Sydney Morning Herald, it was acclaimed as a masterpiece, blending old-world magic with neo elegance.
The Victorian transmutation was a creed to architectural ingenious—a three-story build and conversion to a Victorian style terrace, offering a home for a small family and a studio. The premier feature was the light tower, soaring above the main structure with suspended stairway, acquiring the essence of the southeastern and northwestern skies. French sash windows dressed the master 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 illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, 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 constructed a hose from his roof diverting water into our upstairs studio, causing several thousand dollars damage to our property and undermining its structural integrity.
Additionally to outline the absolute lack of building experience, we discovered that the intermediate wall did not meet the legal fire rating, a major oversight that threatened our well-being. In spite of our urgent endeavours to seek resolution the issue with the builder and contacting the council, we were informed the builder's inspector had already approved on the construction, ignoring our concerns and leaving us vulnerable to fire.
In spite of getting a judgement in their favour and compensation for the damages incurred, the emotional toll was abysmal and created many unpleasant memories. They decided to sell their cherished home, we mourned the loss of our award winning sanctuary, another victim of government negligence and dicey building practices. The lack of oversight and appropriate governance by local government allowed this tragedy to unfold, heightening the need for greater accountability and protection for owners.
As we grapple with the effects of this experience, we are left to consider: What recourse do owners have when their greatest financial investment are threatened by the carelessness of dodgy builders? {https://www.facebook.com/groups/1240633520160302, Construction