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The Failed, Fugitive, and the Collapse of Building CompanyToplace's Billion-Dollar Empire
from July 2023
A Failed adviser played a important function in his bankrupt company a highly lucrative job — supervising the disintegration of Suspect Jean Nassif's property empire, which sunk under financial obligations surpassing $1.24 billion, including $88.5 million payable to suppliers and onsite builders.
Brand New disclosures about the downfall of Nassif's Toplace corporation have emerged in documented evidence presented to the Australian Federal Court this recently by bankruptcy managers from dVT Group of Companies. These papers uncover that secured creditors such as banks with mortgages, are owed $1 billion.
Additional Applicable Information:
Riad Tayeh, and Toplace's Skyview construction in Castle Hill.
Unsecured creditors, have issued financial claims with a total est. $244 million.
Australian Federal Court claims also tell that Riad Tayeh, business founder of dVT Group, which was involved in a central role in guaranteeing his businesses designation as bankruptcy managers. In spite of being announced insolvent in July 2022 with $5.4 million in debt, Tayeh, now a business consultant, and business colleague Antony Resnick went to essential meetings with Toplace top managers in the days before the firm's appointment as administrators.
Included in those at the meetings on July 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate has been suspended while she fights charges related to a $150 million fraud tied to Toplace's Skyview building development in Castle Hill.
Riad Tayeh was declared insolvent in June 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 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 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 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 CBD of Lawrence street Melbourne we had renovated our beautiful sanctuary of greater than 20 years, a concealed award winning house and garden in the centre of the noise of the city streets. For over 20 years, it was a gorgeous place of solacement, a shelter of shimmering beauty and asylum.
As an honoured architect, my friend had tirelessly provided to our city of Sydney with many city improvement creative proposals, but of these none were more personal and loved that the progressive design of the Lawrence Street, Alexandria, Sydney, Victorian conversion. Featured in the Sydney Morning Herald, it was hailed as a masterpiece, weaving Victorian magic with neo elegance.
The Victorian conversion was a testament to architectural ingenious—a three-story addition and conversion to a Victorian semi-attached, offering a house for a small family and a studio. The highlight was the light tower, high above the roof with suspended stairs, acquiring the core of the south east and northwestern sky. French sash windows dressed the master bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.
However, beautiful existence was destroyed when our neighbour, a fencing contractor, entered the scene next door. Initially welcomed with open arms, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, he began demolishing our brick supporting wall, the main load-bearing wall of our master bedroom. At one stage he had setup a hose from his roof diverting water into our upstairs 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 threatened our safety. In spite of our pressing endeavours to rectify the issue with the builder and contacting the council, the council said the builder's inspector had already signed off on the building renovations, providing no recourse and leaving us open to fire.
Despite getting a judgement in their favour and compensation for restitution, the emotional toll was immeasurable and created many unpleasant memories. They decided to sell their beautiful home, we mourned the loss of our award winning sanctuary, another victim of government negligence and dodgy building practices. The lack of proper oversight and governance by government and local council allowed this tragedy to unfold, highlighting the necessity for greater accountability and protection for owners.
As we wrestle with the aftermath of this ordeal, we are left to ponder: What recourse do homeowners have when their greatest financial investment are made vulnerable by the negligence of others? {https://www.facebook.com/groups/1240633520160302,