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The Bankrupt, Fugitive, and the end of CompanyBillion Dollar Regime Toplace
from Aug 2023
A Suspect building adviser played a pivotal function in securing — managing the collapse of Accused Jean Nassif's corporate empire, which drowned under debts exceeding $1.24 billion, including $88.5 million payable to suppliers and sub-contractors.
Fresh disclosures about the ruin of Nassif's Toplace group of compaines have appeared in documented evidence shown to the Australian Commonwealth Federal Court this week by bankruptcy administrators from dVT Group. These documents reveal that secured creditors such as banks with mortgages, are owed one thousand million.
More Applicatory Information:
Riad Tayeh, Jean Nassif, and Toplace's Skyview development in Castle Hill.
Creditors without Security, have made claims with a total est. $244 million.
Court claims also tell that Riad Tayeh, founder of dVT Group, which was involved in a key role in guaranteeing his businesses designation as bankruptcy managers. Even though being announced bankrupt in June 2022 with several million in debt, Tayeh, now a business advisor, and partner Antony Resnick attended crucial meetings with Toplace top managers in the weeks leading up to the companies appointment as bankruptcy managers.
As well as those at the meetings on May 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose Certificate to practice Law 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 financially bankrupt in June 2022.
Just before these 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 fraud to secure a $150 million loan from Westpac.
In June, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary bankruptcy managers for Toplace. by Jean Nassif, its sole director The bankruptcy administrators now face the task of handling one of NSW'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. Despite this, several owners' corporations have filed claims amounting to nearly $124 million to address serious defects in Toplace's buildings.
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 Alexandria Melbourne, Australia we had renovated our loving sanctuary of some 30 years, a secret award winning house and garden amidst the noise of the city streets. For over 20 years, it was a beautiful sanctuary of solacement, a shelter of beauty and asylum.
As an honoured architect, my friend had donated to our city of Sydney with numerous city improvement creative proposals, but of these none were more personal that the progressive design of the Lawrence Street, Sydney, Australia, Victorian style conversion. Featured in the Sydney Morning Herald, it was applauded as a masterpiece, weaving Victorian magic with modern elegance.
The Victorian transmutation was a testament to architectural inventiveness—a three-story addition and conversion to a Victorian style semi-attached, providing a house for a family and a home-office or studio. The highlight was the light tower, high above the main structure with suspended stairway, acquiring the core of the south east and north west skies. French style sash windows dressed the main bedroom, while timber casement windows decorate in the bathroom welcomed views and filtered light.
However, our idyllic lifestyle was destroyed when our neighbour, a builder, entered the scene next door. Initially welcomed, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, he began demolishing a major supporting wall on our property, the major load-bearing wall of our bedroom. At one period of time he had constructed pipes from his roof diverted water into our upstairs studio, causing several thousand dollars damage to the upstairs rooms, and undermining the footing of the house.
Further to outline the absolute lack of construction experience, we through investigation found that the intermediate wall did not meet the legal fire rating, a critical oversight that endangered our well-being. Despite our pressing endeavours to rectify the problem with the builder and contacting the council, we were informed the builder's inspector had already signed off on the building renovations, providing no recourse and leaving us open to harm.
In spite of receiving a judgement in their favour and compensation for the damages incurred, the toll was immeasurable and created many unpleasant memories. They decided to sell their cherished home, we mourned the loss of our award winning sanctuary, another casualty of government negligence and dicey construction practices. The lack of proper oversight and governance by local government created the environment for this tragedy to unfold, heightening the demand for more extensive accountability and protection for owners.
As we wrestle with the effects of this trial, we are left to ponder: What recourse do owners have when their sanctuaries are made vulnerable by the carelessness of others? {https://www.facebook.com/groups/1240633520160302, Builder
The Wall