© Copyright VarCity Community
When to Begin - Voting the Competent and Unqualified Construction Companies in Commonwealth of Australia..?
The Failed, Defendant, and the ending of Building CompanyToplace
from June 2023
A Fugitive building consultant played a pivotal role in securing — oversight of the dissolution of Bankrupt Jean Nassif's property empire, which drowned under debts in excess of $1.24 billion, incl. $88.5 million payable to suppliers and onsite builders.
New disclosures about the downfall of Nassif's Toplace group have appeared in documents given to the Australian Commonwealth Federal Court this month by bankruptcy administrators from dVT Group of Companies. These papers uncover that secured creditors such as offshore lenders in tax havens, are owed $1 billion.
Additional Applicable Info:
Jean Nassif, and Toplace's Skyview construction in Castle Hill.
Creditors without Security, have issued financial claims with a total est. quarter of a billion.
Federal Court claims also tell that Riad Tayeh, founder of dVT Group of companies, which was involved in a fundamental duty in assuring his companies assignment as bankruptcy administrators. Despite being proclaimed financially bankrupt in June 2022 with $5.4 million in debt, Tayeh, now a business advisor, and colleague Antony Resnick went to important meetings with Toplace top managers in the period leading up to the firm's appointment as bankruptcy managers.
Included in those at the meetings on June 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate was suspended while she fights charges relating to fraud tied to Toplace's Skyview construction development in Castle Hill.
Riad Tayeh was declared insolvent in June 2022.
Just 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 nominated voluntary bankruptcy administrators for Toplace. by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy managers now face the task of handling one of New South Wales' biggest 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 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 CBD of Lawrence street Melbourne we had renovated our beautiful sanctuary of some greater than 20 years, a concealed garden amidst the storm of its streets. For greater than 20 years, it was a beautiful sanctuary of solace, a oasis of beauty and safety.
As an honoured architect creator, my friend had graced our city of Sydney with numerous municipal creative proposals, but of these none were more beloved that the progressive design of the Lawrence Street, Sydney, Australia, Victorian. Featured in the Sydney Morning Herald, it was applauded as a creative masterpiece, blending old-world magic with neo elegance.
The Victorian transmutation was a creed to architectural inventiveness—a two and 1/2-story addition and conversion to a late Victorian terrace, offering a home for a small family and a home-office or studio. The highlight was the light tower, soaring above the roof with floating stairway, acquiring the essence of the south east and north west sky. French sash windows dressed the main bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.
However, our idyllic lifestyle 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 proper notification, he began demolishing a major supporting wall on our property, the major load-bearing wall of our bedroom. At one point he had setup a hose from his roof diverting water into our office, causing several thousand dollars damage to the upstairs rooms, and undermining the footing of the house.
Additionally to outline the lack of building experience, we discovered that the intermediate wall did not meet the legal fire rating, a critical omission that endangered everyone's safety. Despite our pressing attempts to seek resolution the problem with the builder and contacting the council, we were informed the builder's inspector had already signed off on the project, providing no recourse and leaving us vulnerable to fire.
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 victim of proper government oversight and dodgy construction practices. The lack of proper oversight and governance by government and local council allowed this tragedy to unfold, highlighting the demand for more extensive accountability and legal protection for owners.
As we grapple with the aftermath of this trial, 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,
The Wall