Treachery Backside of Connecting Wall: A Builders Disastrous Impact on Our Award winning Shelter

In the CBD of Lawrence street Melbourne stood our loving refuge of some 30 years, a secret award winning house and garden amidst the noise of its streets. For over 20 years, it was a beautiful place of comfort, a haven of beauty and safety.

As an prestigious architect, my friend had tirelessly provided to our city with numerous municipal design proposals, but of these none were more personal and loved that the modern design of the Lawrence Street, Sydney, Australia, Victorian style conversion. Featured in the Sydney Morning Herald, it was acclaimed as a creative masterpiece, blending Victorian magic with modern elegance.

The Victorian conversion was a testament to architectural ingenuity—a two and 1/2-story addition and renovations to a Victorian terrace, providing a house for a family and a home office. The premier feature was the light tower, soaring above the roof with suspended stairway, capturing the core of the southeastern and north west skies. French style sash windows dressed the master bedroom, while timber casement windows decorate in the bathroom welcomed views and filtered light.

However, our beautiful existence was destroyed when a new neighbour, a fencing contractor, entered the scene next door. Initially welcomed with open arms, his illegal actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, he began demolishing a major supporting wall on our property, the main load supporting wall of our master bedroom. At one period of time he had constructed a hose 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 discovered that the intermediate wall did not meet the legal fire rating, a critical oversight that endangered our well-being. In spite of our pressing efforts to seek resolution the issue with the neighbour's and contacting the council, we were informed the builder's inspector had already signed off on the construction, providing no recourse and leaving us open to fire.

In spite of receiving a judgement in their favour and recompense for restitution, the toll was immeasurable and created many unpleasant memories. They were forced to sell their beautiful home, we mourned the loss of our award winning sanctuary, another casualty of government negligence and dangerous building practices. The lack of proper oversight and appropriate governance by government and local council allowed this tragedy to unfold, highlighting the demand for greater responsibilities and protection for homeowners.

As we grapple with the consequence of this experience, we are left to ponder: What recourse do owners have when their greatest financial investment are made vulnerable by the negligence of dodgy builders?

How to Start - Vote the Competent and Incompetent Builders in Commonwealth of Australia..?

The Failed, Suspect, and the Collapse of Building CompanyToplace's Billion-Dollar Empire

from Oct 2023

A Fugitive building consultant was comprehensively concerned with getting his insolvent business a very profitable job — supervising the dissolution of Fugitive Jean Nassif's property empire, which sunk under liabilities exceeding $1.24 billion, inclusive $88.5 million payable to suppliers and onsite builders.

New disclosures about the failure of Nassif's Toplace corporation have come out in documents shown to the Australian Commonwealth Federal Court this recently by bankruptcy managers from dVT Group. These evidence show that secured creditors such as banks with mortgages, are owed one thousand million.

More Relevant Subject Matter:

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

Unsecured creditors, have made claims with a total estimated quarter of a billion.

Australian Federal Court filings also tell that Riad Tayeh, founder of dVT Group, played a fundamental role in assuring his companies designation as bankruptcy administrators. In spite of being announced bankrupt in May 2022 with $5.4 million in debt, Tayeh, now a consultant, and colleague Antony Resnick attended important meetings with Toplace top managers in the weeks leading up to 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 Certificate to practice Law was suspended while she fights charges related to a $150 million fraud bound to Toplace's Skyview construction development in Castle Hill.

Riad Tayeh was charged insolvent in July last year.

Just days before these meetings, an arrest warrant was issued 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 July, Resnick and fellow dVT partner Suelen McCallum were nominated voluntary administrators for Toplace. by Jean Nassif, its sole director The bankruptcy administrators now face the task of handling one of New South Wales' 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. Administrators are also investigating more than 3,000 residential apartments still under development.

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.

Resolution Reached for Mascot Towers, Owners to Finally Escape Longstanding Struggles...

After five years of enduring legal battles and financial burdens, relief may be in sight for the long-suffering apartment owners of Mascot Towers in Sydney. A landmark deal brokered by the New South Wales government offers a pathway for owners to sell their properties individually, potentially freeing them from debt and uncertainty.  The majority of owners have opted to accept the government's proposal, which involves selling to a third-party commercial consortium rather than pursuing a collective sale.

As part of the agreement, owners will receive a portion of the $30 million building price, along with means-tested support from the state government. Additionally, banks have agreed to reduce loan balances by up to 40% for owner-occupiers, enabling them to move out without financial encumbrances.

However, this debt-relief option is exclusively available to those who resided in the property prior to its evacuation in 2019 due to structural defects. Eligible owner-occupiers, along with select investors, may qualify for government assistance of up to $120,000, depending on their income and assets.  While the deal offers a fresh start for many, it comes with the realization that property values have significantly depreciated since the original purchase. Despite this drawback, the Minister for Fair Trading, Anoulack Chanthivong, views the agreement as a crucial step towards closure for affected owners, describing it as the end of a "dark chapter" in the state's building history.

The next phase involves determining the extent of government support for owners and ensuring that lenders fulfill their commitments. The journey towards resolution began in 2019 when residents were evacuated due to structural concerns, prompting a prolonged battle for justice and financial relief.  Throughout this ordeal, owners faced the burden of ongoing levies, mortgages, and remediation costs, exacerbating their plight. The evacuation prompted a grassroots campaign urging regulatory reforms and developer accountability, culminating in the current agreement.

To date, the NSW government has allocated $21 million in support to affected owners, underscoring its commitment to addressing the repercussions of defective building practices. As the community looks ahead to a new chapter, the resolution of Mascot Towers stands as a testament to perseverance and collective action in the face of adversity.

Paul Meek Builder,