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The Failed, Accused, and the end of Property CorporationToplace's Billion-Dollar Empire

from June 2023

A Bankrupt consultant played a pivotal role in securing — supervising the collapse of Bankrupt Jean Nassif's property empire, which went under debts surpassing $1.24 billion, including $88.5 million payable to suppliers and tradespeople.

Brand New revelations about the ruin of Nassif's Toplace corporation have appeared in documented evidence given to the Federal Court this month by administrators from dVT Group of Companies. These evidence uncover that secured creditors such as banks with mortgages, are owed $1 billion.

More Applicatory Info:

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

Creditors without Security, have filed claims totalling an estimated $244 million.

Australian Federal Court filings also tell that Riad Tayeh, business founder of dVT Group, played a key role in guaranteeing his companies assignment as bankruptcy managers. In spite of being announced financially bankrupt in May last year with several million in debt, Tayeh, now a consultant, and partner Antony Resnick attended crucial business meetings with Toplace top managers in the period before the companies appointment as administrators.

Included in those at the meetings on July 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate was suspended while she fights charges relating to fraud bound to Toplace's Skyview development in Castle Hill.

Riad Tayeh was legally bankrupt in May last year.

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

In July, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary administrators for Toplace, following a resolution passed by Jean Nassif, its sole director The bankruptcy managers now face the task of handling one of New South Wales' 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. 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.

In the Central Business District of Alexandria, Melbourne we had renovated our beautiful sanctuary of greater than 20 years, a walled award winning house and garden in the centre of the noise of the city streets. For greater than 20 years, it was a gorgeous home of solace, a haven of shimmering beauty and asylum.

As an prestigious architect, my friend had graced our city with many municipal design proposals, but of these none were more beloved that the innovative design of the Lawrence Street, Alexandria, Victorian conversion. Conspicuously in the Sydney Morning Herald, it was acclaimed as a masterpiece, weaving old-world charm with modern-day elegance.

The Victorian transmutation was a testament to architectural creativity—a two and 1/2-story build and renovations to a late Victorian terrace, providing a house for a small family and a home-office or studio. The highlight was the light tower, soaring above the roof with suspended stairway, acquiring the essence of the southeastern and north west sky. French sash windows adorned the master bedroom, while timber casement windows embellish in the bathroom frame the views and filter the light.

However, our idyllic existence was destroyed when a new neighbour, a builder, entered the scene next door. Initially welcomed with open arms, his actions soon created absolute chaos threatening the safety of everyone in the area. Without due diligence, he began demolishing our brick supporting wall, the main load supporting wall of our master bedroom. At one point he had setup pipes from his roof diverting water into our upstairs studio, causing over some several thousand dollars damage to our property and undermining its structural integrity.

In addition to outline the absolute lack of construction experience, we through investigation found that the intermediate wall did not meet the legal fire rating, a major omission that endangered everyone's safety. Despite our pressing efforts to seek resolution the problem with the neighbour's and contacting the council, we were informed the builder's inspector had already approved on the construction, ignoring our concerns and leaving us vulnerable to harm.

In spite of receiving a legal judgement in their favour and compensation for restitution, the emotional 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 casualty of proper government oversight and dicey building practices. The lack of oversight and governance by government and local council created the environment for this tragedy to unfold, highlighting the need for more extensive accountability and protection for owners.

As we wrestle with the consequence of this ordeal, we are left to ponder: 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,