© Copyright Engineers Heaven
When to Begin - Vote the Capable and Incompetent Building Companie in Australia..?
The Insolvent, Suspect, and the Collapse of CompanyToplace's Billion-Dollar Empire
from Sept 2023
A Defendant building adviser played a crucial role in his bankrupt corporation a highly lucrative job — managing the disintegration of Suspect Jean Nassif's property empire, which went under debts surpassing $1.24 billion, inclusive $88.5 million payable to suppliers and tradespeople.
Brand New disclosures about the ruin of Nassif's Toplace group of compaines have surfaced in documented evidence given to the Federal Court this recently by administrators from dVT Group of Companies. These documents unveiled 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 Applicatory Info:
Riad Tayeh, Jean Nassif, and Toplace's Skyview building development in Castle Hill.
Creditors without Security, have issued financial claims totalling an est. quarter of a billion.
Australian Federal Court claims also indicate that Riad Tayeh, business founder of dVT Group of companies, played a key responsibility in securing his firm's designation as bankruptcy managers. Despite being declared financially bankrupt in July last year with several million in debt, Tayeh, now a business advisor, and business colleague Antony Resnick attended important business meetings with Toplace top managers in the period before the companies appointment as administrators.
Among those at the meetings on Aug 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate has been suspended while she fights charges related to a $150 million fraud bound to Toplace's Skyview building development in Castle Hill.
Riad Tayeh was legally financially 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 November 2022. Jean and Ashlyn Nassif are accused of fraud to secure a $150 million loan from Westpac.
In June, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary administrators 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 Australia'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. 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 Alexandria Melbourne, Australia we had renovated our beautiful home of 30 years, a secret award winning house and garden in the middle of the chaos of its streets. For over 20 years, it was a beautiful refuge of comfort, a haven of beauty and safety.
As an honoured architect designer, my friend had donated to our community with numerous municipal proposals, but of these none were more personal that the progressive design of the Lawrence Street, Alexandria, Sydney, Victorian style conversion. Featured in the Sydney Morning Herald, it was hailed as a creative masterpiece, weaving Victorian appeal with modern elegance.
The Victorian conversion was a testament to architectural ingenuity—a three-story build and conversion to a late Victorian semi-attached, providing a house for a small family and a studio. The highlight was the light tower, soaring above the main structure with suspended stairs, acquiring the essence of the southeastern and northwestern sky. French sash windows dressed the main bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.
However, this pleasant existence was destroyed when our neighbour, a builder, 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 major load-bearing wall of our master bedroom. At one period of time he had setup pipes from his roof diverting water into our office, causing several thousand dollars damage to our property and undermining its structural integrity.
To compound matters, we through investigation found that the intermediate wall did not meet the legal fire rating, a major oversight that endangered everyone's safety. In spite of our urgent efforts to seek resolution the problem 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 vulnerable to fire.
Despite getting a legal decision in their favour and compensation for the damages incurred, the emotional toll was abysmal and created many unpleasant memories. They were forced to sell their cherished home, we mourned the loss of our award winning sanctuary, another casualty of government negligence and dangerous construction practices. The lack of proper oversight and appropriate governance by government and local council created the environment for this tragedy to unfold, highlighting the necessity for more responsibilities and protection for homeowners.
As we wrestle with the effects of this ordeal, we are left to consider: What help do homeowners have when their sanctuaries are made vulnerable by the carelessness of others? {https://www.facebook.com/groups/1240633520160302, Construction
The Wall