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The Bankrupt, Fugitive, and the end of CompanyBillion Dollar Regime Toplace
from Oct 2023
A Defendant consultant played a pivotal role in securing — managing the dissolution of Accused Jean Nassif's property empire, which went under liabilities in excess of $1.24 billion, inclusive $88.5 million payable to suppliers and sub-contractors.
Brand New disclosures about the downfall of Nassif's Toplace corporation have emerged in documented evidence presented to the Australian Commonwealth Federal Court this recently by administrators from dVT Group of Companies. These papers uncover that secured creditors such as banks with mortgages, are owed $1 billion.
Further Relevant Subject Matter:
Riad Tayeh, and Toplace's Skyview development in Castle Hill.
Creditors without Security, have filed claims with a total estimated quarter of a billion.
Australian Federal Court claims also tell that Riad Tayeh, business founder of dVT Group of companies, played a fundamental duty in assuring his businesses assignment as administrators. In spite of being proclaimed bankrupt in May last year with several million in debt, Tayeh, now a consultant, and partner Antony Resnick attended important meetings with Toplace executives in the days leading up to the companies appointment as bankruptcy managers.
Among those at the meetings on Aug 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose Certificate to practice Law has been suspended while she fights charges relating to fraud tied to Toplace's Skyview development in Castle Hill.
Riad Tayeh was legally bankrupt in May 2022.
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 July, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary bankruptcy administrators for Toplace. by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy administrators now face the task of handling one of New South Wales' 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. Administrators are also investigating more than 3,000 residential apartments still under development.
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 Central Business District of Lawrence street Melbourne we had renovated our gorgeous refuge of greater than 20 years, a concealed garden in the middle of the storm of the city streets. For over 20 years, it was a gorgeous home of solacement, a oasis of beauty and asylum.
As an esteemed architect creator, my friend had graced our city with numerous urban creative proposals, but of these none were more personal that the modern design of the Lawrence Street, Alexandria, Victorian. Featured in the Sydney Morning Herald, it was applauded as a creative masterpiece, blending old-world charm with modern elegance.
The Victorian transformation was a testament to architectural ingenious—a two-story addition and conversion to a late Victorian semi-attached, offering a house for a family and a home office. The premier feature was the light tower, high above the roof with floating stairs, capturing the essence of the southeastern and northwestern sky. French sash windows dressed the main bedroom, while timber casement windows embellish in the bathroom frame the views and filter the light.
However, our idyllic existence was shattered when a new neighbour, a builder, moved in next door. Initially welcomed, his actions soon created absolute chaos threatening the safety of everyone in the area. Without warning, he began demolishing our brick supporting wall, the major load supporting wall of our bedroom. At one period of time he had constructed pipes from his roof diverting 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 omission that endangered everyone's safety. Despite our urgent attempts 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 project, providing no recourse and leaving us open to harm.
Despite receiving a legal decision in their favour and recompense for restitution, the emotional toll was abysmal and created many unpleasant memories. They decided to sell their beautiful home, we mourned the loss of our award winning sanctuary, another victim of proper government oversight and dodgy building practices. The lack of oversight and appropriate governance by government and local council allowed this tragedy to unfold, heightening the demand for greater responsibilities and legal protection for owners.
As we grapple with the consequence of this ordeal, we are left to ponder: What recourse do homeowners have when their greatest financial investment are threatened by the negligence of dodgy builders? {https://www.facebook.com/groups/1240633520160302, Builder
The Wall