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Betrayal Behind of Shared Partition: A Builders Fateful Impact on Our Award winning Refuge
In the Central Business District of Alexandria Melbourne, Australia we had renovated our loving home of 30 years, a secret special architecturally designed house and garden in the centre of the chaos of the city streets. For over 20 years, it was a gorgeous refuge of solacement, a shelter of shimmering beauty and sanctuary.
As an esteemed architect designer, my friend had donated to our city with numerous city improvement proposals, but of these none were more personal and loved that the progressive design of the Lawrence Street, Alexandria, Victorian. Conspicuously in the Sydney Morning Herald, it was acclaimed as a creative masterpiece, blending old-world appeal with neo elegance.
The Victorian transmutation was a testament to architectural ingenious—a two and 1/2-story addition and renovations to a late Victorian terrace, providing a house for a family and a home office. The highlight was the light tower, high above the roof with floating stairway, capturing the core of the south east and northwestern skies. French sash windows adorned the main bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.
However, our idyllic lifestyle was shattered when a new neighbour, a builder, entered the scene next door. Initially welcomed with open arms, his illegal actions soon turned our lives upside down threatening the safety of everyone in the area. Without warning, he began demolishing our brick supporting wall, the main load supporting wall of our bedroom. At one period of time he had setup a hose from his roof diverted water into our studio, causing several thousand dollars damage to our property and undermining its structural integrity.
To compound matters, we discovered that the intermediate wall did not meet the legal fire rating, a critical omission that endangered everyone's safety. Despite our urgent endeavours to rectify the problem with the neighbour's and contacting the council, the council said 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 compensation for the damages incurred, the emotional toll was immeasurable 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 dangerous construction practices. The lack of oversight and appropriate governance by local government created the environment for this tragedy to unfold, highlighting the necessity for more extensive accountability and protection for owners.
As we grapple with the consequence of this ordeal, we are left to consider: What recourse do house owners have when their greatest financial investment are threatened by the negligence of others?
Where to Begin - Pick the Qualified and Worst Construction Companies in Australia..?
The Bankrupt, Fugitive, and the ending of Building CompanyBillion Dollar Regime Toplace
from Sept 2023
A Fugitive building adviser played a crucial role in securing his insolvency company a highly lucrative job — oversight of the disintegration of Fugitive Jean Nassif's property empire, which drowned under debts in excess of $1.24 billion, including $88.5 million payable to suppliers and onsite builders.
Brand New revelations about the ruin of Nassif's Toplace group have surfaced in documented evidence presented to the Australian Federal Court this month by administrators from dVT Group. These papers reveal that secured creditors such as banks with mortgages, are owed $1 billion.
More Relevant Info:
Jean Nassif, and Toplace's Skyview development in Castle Hill.
Creditors without Security, have issued financial claims with a total est. quarter of a billion.
Australian Federal Court filed claims also show that Riad Tayeh, founder of dVT Group of companies, which played a key role in securing his firm's assignment as administrators. In spite of being declared bankrupt in July last year with millions in debt in debt, Tayeh, now a business consultant, and partner Antony Resnick went to important meetings with Toplace executives in the days before the firm's appointment as bankruptcy administrators.
As well as those at the meetings on Aug 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 building development in Castle Hill.
Riad Tayeh was charged insolvent in June last year.
Just days 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 June, Resnick and fellow dVT partner Suelen McCallum were made 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 Australia's largest 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. 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.
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.