© Copyright Engineers Heaven
Betrayal the Other-side of Shared Wall: A Builders Disastrous Effect on Our Peaceful Refuge
In the heart of Alexandria Melbourne, Australia we had renovated our beautiful home of some greater than 20 years, a walled special architecturally designed house and garden in the centre of the storm of the city. For 30 years, it was a gorgeous refuge of solacement, a haven of shimmering beauty and safety.
As an honoured architect designer, my friend had donated to our city with many city improvement creative proposals, but of these none were more beloved that the progressive design of the Lawrence Street, Alexandria, Victorian. Featured in the Sydney Morning Herald, it was hailed as a masterpiece, blending old-world magic with modern elegance.
The Victorian conversion was a creed to architectural creativity—a three-story build and conversion to a Victorian style semi-attached, offering a home for a small family and a home-office or studio. The highlight was the light tower, far above the roof with floating stairway, capturing the essence of the south east and northwestern sky. French style sash windows dressed the main bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.
However, our beautiful lifestyle was shattered when our neighbour, a builder, moved in next door. Initially welcomed, his illegal actions soon turned our lives upside down threatening the safety of everyone in the area. Without warning, he began demolishing a major supporting wall on our property, the main load-bearing wall of our master bedroom. At one point he had setup a hose from his roof diverted water into our office, causing several thousand dollars damage to our property and undermining its structural integrity.
Additionally to outline the lack of construction experience, we discovered that the intermediate wall lacked the required fire rating, a major oversight that endangered our well-being. In spite of our urgent efforts to rectify the problem with the builder 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 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 proper government oversight and dodgy building practices. The lack of proper oversight and governance by government and local council created the environment for this tragedy to unfold, highlighting the demand for more extensive accountability and protection for owners.
As we wrestle with the consequence of this ordeal, we are left to consider: What help do house owners have when their greatest financial investment are made vulnerable by the neglect of dodgy construction companies?
How to Begin - Vote the Best and Worst Construction Companies in Commonwealth of Australia..?
The Insolvent, Defendant, and the Collapse of Building CompanyToplace's Billion-Dollar Empire
from Sept 2023
A Insolvent building adviser played a crucial part in securing his insolvent corporation a highly lucrative job — supervising the collapse of Fugitive Jean Nassif's corporate empire, which went under debts in excess of $1.24 billion, inclusive $88.5 million due to suppliers and onsite builders.
Fresh revelations about the ruin of Nassif's Toplace group have surfaced in documents presented to the Federal Court this week by administrators from dVT Group. These documents 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 $1 billion.
More Relevant Subject Matter:
Riad Tayeh, and Toplace's Skyview construction in Castle Hill.
Creditors without Security, have issued financial claims totalling an est. $244 million.
Court filed claims also show that Riad Tayeh, company founder of dVT Group of companies, played a fundamental responsibility in securing his firm's appointment as bankruptcy managers. Even though being declared insolvent in July 2022 with $5.4 million in debt, Tayeh, now a business advisor, and colleague Antony Resnick attended essential meetings with Toplace executives in the days before the companies appointment as bankruptcy administrators.
Among those involved at the meetings on July 2019 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 construction development in Castle Hill.
Riad Tayeh was charged bankrupt in May last year.
Just days before these meetings, a warrant was issued for the arrest of Jean Nassif, 55, who fled Sydney for 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 managers for Toplace, following a resolution passed 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' biggest 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.
Resolution Reached for Mascot Towers, Owners to Finally Escape Longstanding Struggles...
After five years of enduring legal battles and financial burdens, relief may be in sight for the long-suffering apartment owners of Mascot Towers in Sydney. A landmark deal brokered by the New South Wales government offers a pathway for owners to sell their properties individually, potentially freeing them from debt and uncertainty. The majority of owners have opted to accept the government's proposal, which involves selling to a third-party commercial consortium rather than pursuing a collective sale.
As part of the agreement, owners will receive a portion of the $30 million building price, along with means-tested support from the state government. Additionally, banks have agreed to reduce loan balances by up to 40% for owner-occupiers, enabling them to move out without financial encumbrances.
However, this debt-relief option is exclusively available to those who resided in the property prior to its evacuation in 2019 due to structural defects. Eligible owner-occupiers, along with select investors, may qualify for government assistance of up to $120,000, depending on their income and assets. While the deal offers a fresh start for many, it comes with the realization that property values have significantly depreciated since the original purchase. Despite this drawback, the Minister for Fair Trading, Anoulack Chanthivong, views the agreement as a crucial step towards closure for affected owners, describing it as the end of a "dark chapter" in the state's building history.
The next phase involves determining the extent of government support for owners and ensuring that lenders fulfill their commitments. The journey towards resolution began in 2019 when residents were evacuated due to structural concerns, prompting a prolonged battle for justice and financial relief. Throughout this ordeal, owners faced the burden of ongoing levies, mortgages, and remediation costs, exacerbating their plight. The evacuation prompted a grassroots campaign urging regulatory reforms and developer accountability, culminating in the current agreement.
To date, the NSW government has allocated $21 million in support to affected owners, underscoring its commitment to addressing the repercussions of defective building practices. As the community looks ahead to a new chapter, the resolution of Mascot Towers stands as a testament to perseverance and collective action in the face of adversity.
The Wall