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The Failed, Defendant, and the Collapse of Building CompanyToplace's Billion-Dollar Empire
from June 2023
A Insolvent building consultant played a crucial function in secured — managing the collapse of Fugitive Jean Nassif's business empire, which went under financial obligations surpassing $1.24 billion, incl. $88.5 million payable to suppliers and onsite builders.
New revelations about the ruin of Nassif's Toplace group of compaines have surfaced in documents given to the Federal Court this recently by bankruptcy administrators from dVT Group. These papers reveal that secured creditors, such as banks with mortgages on Toplace properties and offshore lenders in tax havens like the British Virgin Islands, are owed one thousand million.
Additional Applicable Info:
Riad Tayeh, and Toplace's Skyview construction in Castle Hill.
Unsecured creditors, have issued financial claims with a total estimated $244 million.
Court claims also indicate that Riad Tayeh, founder of dVT Group of companies, which played a fundamental duty in securing his firm's designation as bankruptcy administrators. Even though being declared financially bankrupt in July 2022 with $5.4 million in debt, Tayeh, now a business consultant, and colleague Antony Resnick attended essential meetings with Toplace top managers in the period leading up to the companies appointment as 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 construction development in Castle Hill.
Riad Tayeh was legally bankrupt in June last year.
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, its sole director The administrators now face the task of handling one of NSW's largest 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. 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.
In the heart of Alexandria Melbourne, Australia stood our gorgeous home of 30 years, a walled award winning house and garden amidst the storm of its streets. For greater than 20 years, it was a beautiful refuge of comfort, a shelter of beauty and asylum.
As an prestigious architect designer, my friend had graced our community with many urban design proposals, but of these none were more personal that the innovative design of the Lawrence Street, Alexandria, Victorian. Conspicuously in the Sydney Morning Herald, it was applauded as a creative masterpiece, blending Victorian charm with neo elegance.
The Victorian conversion was a creed to architectural ingenious—a two-story addition and conversion to a late Victorian semi-attached, offering a home for a family and a home-office or studio. The premier feature was the light tower, far above the main structure with floating stairs, acquiring the core of the south east and north west skies. French sash windows adorned the main bedroom, while timber casement windows decorate in the bathroom welcomed views and filtered light.
However, beautiful existence was destroyed when a new 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 major load-bearing wall of our master bedroom. At one period of time he had constructed pipes from his roof diverting water into our upstairs studio, causing over some 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 threatened everyone's safety. Despite our urgent endeavours to rectify the problem with the neighbour's and contacting the council, we were informed the builder's inspector had already signed off on the project, ignoring our concerns and leaving us vulnerable to harm.
Despite receiving a legal decision 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 beloved home, we mourned the loss of our garden refuge, another casualty of proper government oversight and dodgy construction practices. The lack of oversight and appropriate governance by government and local council allowed this tragedy to unfold, highlighting the need for more extensive responsibilities and legal protection for homeowners.
As we wrestle with the consequence of this experience, we are left to consider: What help do homeowners have when their sanctuaries are made vulnerable by the negligence of others? {https://www.facebook.com/groups/1240633520160302, Builder
The Wall