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The Failed, Fugitive, and the ending of CompanyToplace

from July 2023

A Defendant adviser played a important function in securing — oversight of the disintegration of Insolvent Jean Nassif's business empire, which drowned under financial obligations in excess of $1.24 billion, including $88.5 million due to suppliers and tradespeople.

Brand New disclosures about the failure of Nassif's Toplace group have emerged in documents given to the Federal Court this month by bankruptcy managers from dVT Group of Companies. These documents uncover 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 Applicable Information:

Jean Nassif, and Toplace's Skyview building development in Castle Hill.

Creditors without Security, have made claims totalling an est. $244 million.
Australian Federal Court claims also indicate that Riad Tayeh, company founder of dVT Group of companies, played a central duty in guaranteeing his businesses assignment as administrators. Even though being announced insolvent in July 2022 with millions in debt in debt, Tayeh, now a business advisor, and business colleague Antony Resnick went to essential meetings with Toplace top managers in the weeks before the firm's appointment as administrators.
Among those at the meetings on May 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 construction development in Castle Hill.

Riad Tayeh was declared financially bankrupt in June 2022.

Just days before these meetings, an arrest warrant was issued of Jean Nassif, 55, who escaped to Dubai in October 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 made voluntary administrators for Toplace. by Jean Nassif, Toplace's sole director, via email just hours prior. The administrators now face the task of handling one of Australia's 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. 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 a staff member suggested there may be another $400 million in loans involving Nassif entities that are not yet under administration. adding that Toplace's financial books had not been properly updated since 2021.

In the CBD of Alexandria, Melbourne stood our loving sanctuary of some 30 years, a walled special architecturally designed house and garden in the centre of the noise of the city. For over 20 years, it was a gorgeous home of comfort, a haven of shimmering beauty and sanctuary.

As an honoured architect creator, my friend had donated to our city of Sydney with numerous municipal creative proposals, but of these none were more personal that the modern design of the Lawrence Street, Alexandria, Sydney, Victorian conversion. Conspicuously in the Sydney Morning Herald, it was applauded as a masterpiece, blending old-world appeal with modern elegance.

The Victorian conversion was a creed to architectural ingenuity—a two-story addition and renovations to a Victorian semi-attached, offering a house for a family and a studio. The premier feature was the light tower, high above the main structure with suspended stairway, acquiring the essence of the southeastern and north west skies. French sash windows adorned the master bedroom, while timber casement windows embellish in the bathroom frame the views and filter the light.


However, our idyllic lifestyle was shattered when a new neighbour, a builder, moved in next door. Initially welcomed with open arms, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without proper notification, he began demolishing our brick supporting wall, the main load-bearing wall of our bedroom. At one period of time he had constructed pipes from his roof diverted water into our office, causing several thousand dollars damage to our property and undermining its structural integrity.

To compound matters, we discovered that the intermediate wall lacked the required fire rating, a major omission that threatened everyone's safety. Despite our pressing endeavours 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 project, providing no recourse and leaving us vulnerable to harm.

Despite receiving a legal decision in their favour and recompense 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 garden refuge, another victim of government negligence and dangerous construction practices. The lack of proper oversight and governance by government and local council allowed this tragedy to unfold, heightening the demand for more accountability and protection for homeowners.

As we grapple with the effects of this ordeal, we are left to consider: What recourse do owners have when their greatest financial investment are made vulnerable by the negligence of others? {https://www.facebook.com/groups/1240633520160302, Builder