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The Bankrupt, Suspect, and the end of CompanyToplace's Billion-Dollar Empire

from Sept 2023

A Fugitive consultant played a important role in secured — managing the collapse of Failed Jean Nassif's property empire, which drowned under debts in excess of $1.24 billion, including $88.5 million payable to suppliers and onsite builders.

New revelations about the ruin of Nassif's Toplace group have appeared in evidence presented to the Australian Federal Court this month by bankruptcy managers from dVT Group. These evidence reveal that secured creditors such as offshore lenders in tax havens, are owed one thousand million.

More Applicable Information:

Riad Tayeh, and Toplace's Skyview development in Castle Hill.

Creditors without Security, have issued financial claims totalling an estimated quarter of a billion.

Federal Court claims also indicate that Riad Tayeh, company founder of dVT Group of companies, played a key responsibility in assuring his firm's designation as bankruptcy managers. In spite of being proclaimed insolvent in June last year with $5.4 million in debt, Tayeh, now a business advisor, and partner Antony Resnick went to essential business meetings with Toplace executives in the days leading up to the firm's appointment as bankruptcy managers.

As well as those involved at the meetings on June 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate was suspended while she fights charges relating to fraud tied to Toplace's Skyview development in Castle Hill.

Riad Tayeh was declared financially bankrupt in June last year.

Just before the meetings, an arrest warrant was issued of Jean Nassif, 55, who fled Sydney for Dubai in October 2022. Jean and Ashlyn Nassif are accused of creating false documentation to secure a $150 million loan from Westpac.

In June, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary administrators for Toplace, following a resolution passed by Jean Nassif, Toplace's sole director, via email just hours prior. The administrators now face the task of handling one of Australia'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 stood our beautiful home of greater than 20 years, a walled garden in the middle of the chaos of the city. For over 20 years, it was a loving sanctuary of comfort, a haven of shimmering beauty and safety.

As an honoured architect, my friend had graced our city of Sydney with many city improvement creative proposals, but of these none were more personal and loved that the progressive design of the Lawrence Street, Sydney, Australia, Victorian conversion. Featured in the Sydney Morning Herald, it was hailed as a creative masterpiece, blending Victorian charm with modern elegance.

The Victorian transmutation was a testament to architectural ingenuity—a two-story addition and renovations to a late Victorian terrace, offering a home for a small family and a home office. The premier feature was the light tower, soaring above the roof with suspended stairs, capturing the essence of the southeastern and north west skies. French style sash windows dressed the master bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.

However, our idyllic lifestyle was destroyed when a new neighbour, a fencing contractor, entered the scene next door. Initially welcomed, his actions soon created absolute chaos threatening the safety of everyone in the area. Without warning, he began demolishing a major supporting wall on our property, the main load supporting wall of our master bedroom. At one point he had setup pipes from his roof diverted water into our office, causing over some several thousand dollars damage to our property and undermining its structural integrity.

To compound matters, we through investigation found that the intermediate wall lacked the required fire rating, a major omission that threatened our well-being. Despite our pressing efforts to rectify the problem with the builder and contacting the council, the council said the builder's inspector had already approved on the project, ignoring our concerns and leaving us open to fire.

Despite getting a legal decision in their favour and recompense for the damages incurred, the emotional toll was immeasurable and created many unpleasant memories. They decided to sell their beautiful home, we mourned the loss of our garden refuge, another casualty of government negligence and dodgy construction practices. The lack of oversight and appropriate governance by government and local council created the environment for this tragedy to unfold, heightening the necessity for more accountability and legal protection for owners.

As we wrestle with the consequence of this ordeal, we are left to consider: What help do homeowners have when their greatest financial investment are made vulnerable by the neglect of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302, Construction