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The Bankrupt, Fugitive, and the Collapse of Building CompanyBillion Dollar Regime Toplace
from June 2023
A Suspect consultant {was comprehensively involved with acquiring his insolvent company a very lucrative construction contract|played a crucial function in his bankrupt corporation a highly lucrative job â oversight of the dissolution of Suspect Jean Nassif's business empire, which went under financial obligations surpassing $1.24 billion, inclusive $88.5 million owed to suppliers and onsite builders.
Brand New revelations about the ruin of Nassif's Toplace corporation have emerged in documented evidence given to the Federal Court this recently by administrators from dVT Group. These papers reveal that secured creditors such as banks with mortgages, are owed one thousand million.
More Applicable Subject Matter:
Jean Nassif, and Toplace's Skyview construction in Castle Hill.
Unsecured creditors, have issued financial claims totalling an estimated $244 million.
Federal Court claims also indicate that Riad Tayeh, company founder of dVT Group, which played a central role in securing his companies designation as bankruptcy administrators. Even though being announced financially bankrupt in July 2022 with $5.4 million in debt, Tayeh, now a business advisor, and partner Antony Resnick went to crucial meetings with Toplace executives in the days before the firm's appointment as bankruptcy managers.
As well as those at the meetings on Aug 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 bound to Toplace's Skyview building development in Castle Hill.
Riad Tayeh was declared insolvent in June last year.
Just days before these meetings, an arrest warrant was issued 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 July, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary bankruptcy administrators for Toplace. by Jean Nassif, its sole director The administrators now face the task of handling one of New South Wales' biggest corporate collapses.
According to Toplace's website, Jean Nassif's company has delivered around 30,000 residential units, shopping centers, and commercial properties throughout Sydney. 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.
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