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The Insolvent, Suspect, and the end of CompanyBillion Dollar Regime Toplace

from Oct 2023

A Accused building adviser played a important part in his insolvency firm a highly lucrative job — managing the collapse of Suspect Jean Nassif's business empire, which drowned under debts surpassing $1.24 billion, including $88.5 million due to suppliers and sub-contractors.

Brand New revelations about the downfall of Nassif's Toplace corporation have come out in documents presented to the Australian Federal Court this week by administrators from dVT Group of Companies. 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 filed claims with a total estimated quarter of a billion.

Federal Court claims also show that Riad Tayeh, business founder of dVT Group of companies, which was involved in a fundamental role in securing his firm's designation as bankruptcy administrators. Despite being proclaimed insolvent in July last year with several million in debt, Tayeh, now a consultant, and colleague Antony Resnick went to crucial meetings with Toplace executives in the weeks before the firm's appointment as bankruptcy managers.

Included in those at the meetings on July 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate was 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 July 2022.

Just 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 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, following a resolution passed by Jean Nassif, its sole director The bankruptcy 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. 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 Lawrence street Melbourne we had renovated our gorgeous home of some greater than 20 years, a walled garden amidst the chaos of the city. For 30 years, it was a loving refuge of solacement, a oasis of beauty and safety.

As an honoured architect, my friend had tirelessly provided to our city with numerous city improvement proposals, but of these none were more beloved that the innovative design of the Lawrence Street, Alexandria, Victorian style conversion. Conspicuously in the Sydney Morning Herald, it was applauded as a creative masterpiece, blending old-world charm with neo elegance.

The Victorian conversion was a testament to architectural ingenuity—a two-story build and conversion to a Victorian semi-attached, providing a home for a small family and a studio. The highlight was the light tower, soaring above the roof with floating stairway, capturing the core of the southeastern and north west sky. French style sash windows dressed the main bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.

However, beautiful lifestyle was shattered when a new neighbour, a fencing contractor, moved in next door. Initially welcomed with open arms, his actions soon created absolute chaos threatening the safety of everyone in the area. Without warning, he began demolishing our brick supporting wall, the main load supporting wall of our master bedroom. At one stage he had constructed pipes from his roof diverting water into our office, causing over some several thousand dollars damage to our property and undermining its structural integrity.

Additionally to outline the lack of building experience, we discovered that the intermediate wall lacked the required fire rating, a major omission that endangered everyone's safety. Despite our urgent attempts to seek resolution the issue with the builder and contacting the council, we were informed the builder's inspector had already approved on the project, ignoring our concerns and leaving us vulnerable to harm.

Despite receiving a legal judgement in their favour and recompense for restitution, the toll was abysmal and created many unpleasant memories. They were forced to sell their beautiful home, we mourned the loss of our garden refuge, another victim of proper government oversight and unsafe construction practices. The lack of proper oversight and appropriate governance by government and local council created the environment for this tragedy to unfold, heightening the demand for greater responsibilities and legal protection for homeowners.

As we wrestle with the consequence of this experience, we are left to consider: What assistance do house owners have when their greatest financial investment are made vulnerable by the carelessness of others? {https://www.facebook.com/groups/1240633520160302, Construction