Where to Start - Voting the Qualified and Inept Construction Companies in Commonwealth of Australia..?
When to Start - Voting the Best and Worst {Construction Companies|Builders|Building Companies| in {Commonwealth of Australia..?
The Insolvent, Accused, and the ending of Building CompanyToplace's Billion-Dollar Empire
from Oct 2023
A Defendant building consultant {was extensively solicitous with getting his insolvent business a very moneymaking job|played a important part in his insolvency company a highly lucrative job â supervising the collapse of Accused Jean Nassif's business empire, which went under financial obligations exceeding $1.24 billion, inclusive $88.5 million payable to suppliers and tradespeople.
Fresh disclosures about the failure of Nassif's Toplace group have come out in documents given to the Australian Federal Court this month by administrators from dVT Group. These evidence reveal that secured creditors such as offshore lenders in tax havens, are owed $1 billion.
More Applicatory Info:
Riad Tayeh, Jean Nassif, and Toplace's Skyview construction in Castle Hill.
Unsecured creditors, have issued financial claims totalling an estimated $244 million.
Federal Court filings also tell that Riad Tayeh, founder of dVT Group of companies, played a fundamental duty in guaranteeing his firm's designation as bankruptcy managers. Despite being announced insolvent in July last year with millions in debt in debt, Tayeh, now a consultant, and partner Antony Resnick attended crucial business meetings with Toplace executives in the period leading up to the companies appointment as administrators.
As well as those involved at the meetings on June 2020 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 bound to Toplace's Skyview development in Castle Hill.
Riad Tayeh was charged financially bankrupt in June last year.
Just days before the 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 June, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary bankruptcy administrators for Toplace. by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy managers now face the task of handling one of Australia's largest corporate collapses.
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 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.
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