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The Bankrupt, Defendant, and the Collapse of CompanyBillion Dollar Regime Toplace
from July 2023
A Insolvent building adviser played a pivotal function in securing — supervising the collapse of Failed Jean Nassif's business empire, which drowned under liabilities in excess of $1.24 billion, incl. $88.5 million owed to suppliers and onsite builders.
New disclosures about the downfall of Nassif's Toplace group of compaines have emerged in evidence shown to the Australian Federal Court this month by bankruptcy administrators from dVT Group of Companies. These evidence reveal that secured creditors such as offshore lenders in tax havens, are owed $1 billion.
Additional Applicable Information:
Riad Tayeh, and Toplace's Skyview building development in Castle Hill.
Creditors without Security, have filed claims totalling an est. $244 million.
Australian Federal Court claims also show that Riad Tayeh, business founder of dVT Group, which played a key responsibility in securing his companies appointment as administrators. In spite of being proclaimed insolvent in May 2022 with millions in debt in debt, Tayeh, now a consultant, and partner Antony Resnick attended essential meetings with Toplace top managers in the days before the firm's appointment as administrators.
As well as those attending the meetings on Aug 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate was suspended while she fights charges relating to fraud bound to Toplace's Skyview construction development in Castle Hill.
Riad Tayeh was charged insolvent in May last year.
Just before these meetings, a warrant was issued for the arrest of Jean Nassif, 55, who fled Sydney for Dubai in November 2022. Jean and Ashlyn Nassif are accused of creating false documentation to secure a $150 million loan from Westpac.
In August, 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 administrators now face the task of handling one of Australia's 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 heart of Alexandria, Melbourne we had renovated our loving home of greater than 20 years, a secret garden in the middle of the storm of the city streets. For 30 years, it was a loving sanctuary of solace, a shelter of shimmering beauty and asylum.
As an prestigious architect designer, my friend had graced our community with numerous urban proposals, but of these none were more personal that the innovative design of the Lawrence Street, Alexandria, Sydney, Victorian conversion. Featured in the Sydney Morning Herald, it was applauded as a creative masterpiece, blending Victorian charm with neo elegance.
The Victorian transmutation was a creed to architectural creativity—a two-story build and renovations to a Victorian terrace, providing a home for a family and a home office. The highlight was the light tower, high above the roof with suspended stairs, acquiring the core of the south east and northwestern sky. French style sash windows adorned the master bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.
However, our idyllic existence was shattered when a new neighbour, a fencing contractor, entered the scene next door. Initially welcomed, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without warning, he began demolishing a major supporting wall on our property, the major load supporting wall of our master bedroom. At one point he had constructed a hose from his roof diverted water into our upstairs studio, causing over some several thousand dollars damage to our property and undermining its structural integrity.
Additionally to outline the absolute lack of construction experience, we through investigation found that the intermediate wall did not meet the legal fire rating, a critical oversight that endangered everyone's well-being. In spite of our pressing efforts to rectify 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 open to harm.
In spite of receiving a legal judgement in their favour and compensation for restitution, the toll was immeasurable and created many unpleasant memories. They were forced to sell their beautiful home, we mourned the loss of our garden refuge, another casualty of government negligence and dicey building practices. The lack of oversight and governance by government and local council allowed this tragedy to unfold, heightening the need for more accountability and legal protection for homeowners.
As we wrestle with the aftermath of this experience, we are left to ponder: What recourse do house owners have when their greatest financial investment are made vulnerable by the neglect of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302, Construction
The Wall