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The Insolvent, Suspect, and the Collapse of Property CorporationBillion Dollar Regime Toplace

from Oct 2023

A Failed consultant played a crucial part in his insolvency corporation a highly lucrative job — managing the dissolution of Bankrupt Jean Nassif's property empire, which sunk under financial obligations exceeding $1.24 billion, inclusive $88.5 million due to suppliers and tradespeople.

New revelations about the failure of Nassif's Toplace group of compaines have appeared in evidence given to the Australian Commonwealth Federal Court this recently by administrators from dVT Group of Companies. These evidence 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.

Additional Relevant Info:

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

Unsecured creditors, have filed claims with a total est. quarter of a billion.

Australian Federal Court claims also show that Riad Tayeh, founder of dVT Group, played a central role in assuring his firm's assignment as administrators. Even though being declared financially bankrupt in June 2022 with $5.4 million in debt, Tayeh, now a business consultant, and business colleague Antony Resnick went to important meetings with Toplace top managers in the weeks before the companies appointment as bankruptcy managers.

Included in those attending the meetings on Aug 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate has been suspended while she fights charges relating to fraud tied to Toplace's Skyview building development in Castle Hill.

Riad Tayeh was declared insolvent in May last year.

Just days before the meetings, a warrant was issued for the arrest 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 July, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary administrators for Toplace. by Jean Nassif, its sole director The bankruptcy administrators now face the task of handling one of Australia's biggest corporate bankruptcy's.

With reference to Toplace's website, Jean Nassif's company has delivered around 30,000 residential units, shopping centers, and commercial properties throughout Sydney. 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 Central Business District of Alexandria, Melbourne we had renovated our beautiful home of some 30 years, a walled garden in the middle of the storm of the city streets. For 30 years, it was a beautiful home of solacement, a haven of shimmering beauty and safety.

As an prestigious architect designer, my friend had donated to our community with many municipal design proposals, but of these none were more beloved that the innovative design of the Lawrence Street, Sydney, Australia, Victorian conversion. Featured in the Sydney Morning Herald, it was applauded as a masterpiece, blending old-world charm with modern-day elegance.

The Victorian transformation was a testament to architectural inventiveness—a three-story build and conversion to a late Victorian terrace, providing a house for a family and a home office. The premier feature was the light tower, high above the main structure with suspended stairway, capturing the core of the south east and north west sky. French sash windows dressed the master bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.

However, our idyllic existence was destroyed when a new neighbour, a builder, entered the scene next door. Initially welcomed, his 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 major load supporting wall of our bedroom. At one stage he had setup pipes from his roof diverting water into our upstairs studio, causing 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 major omission that threatened our safety. Despite our pressing efforts to rectify the issue with the builder and contacting the council, the council said the builder's inspector had already signed off on the construction, providing no recourse and leaving us vulnerable to harm.

In spite of receiving a legal decision in their favour and compensation for the damages incurred, the emotional toll was immeasurable and created many unpleasant memories. They were forced to sell their beloved home, we mourned the loss of our award winning sanctuary, another casualty of government negligence and dangerous 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 necessity for more extensive accountability and legal protection for homeowners.

As we wrestle with the aftermath of this trial, we are left to ponder: What help do homeowners have when their greatest financial investment are made vulnerable by the carelessness of others? {https://www.facebook.com/groups/1240633520160302, Builder