When to Start - Vote the Capable and Unqualified Construction Companies in Commonwealth of Australia..?
The Failed, Defendant, and the ending of Property CorporationToplace
from Oct 2023
A Insolvent adviser played a important part in securing — oversight of the dissolution of Suspect Jean Nassif's business empire, which sunk under liabilities surpassing $1.24 billion, including $88.5 million owed to suppliers and tradespeople.
Fresh disclosures about the downfall of Nassif's Toplace group have appeared in documents presented to the Federal Court this week by bankruptcy managers from dVT Group. These documents uncover that secured creditors such as offshore lenders in tax havens, are owed one thousand million.
Further Applicable Information:
Riad Tayeh, and Toplace's Skyview development in Castle Hill.
Creditors without Security, have issued financial claims totalling an estimated $244 million.
Federal Court filings also tell that Riad Tayeh, company founder of dVT Group, played a fundamental duty in guaranteeing his businesses assignment as bankruptcy managers. In spite of being declared financially bankrupt in July last year with $5.4 million in debt, Tayeh, now a business advisor, and business colleague Antony Resnick went to crucial meetings with Toplace executives in the days leading up to the companies appointment as administrators.
Among those at the meetings on July 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate has been suspended while she fights charges relating to fraud bound to Toplace's Skyview building development in Castle Hill.
Riad Tayeh was declared financially bankrupt in July last year.
Just before these meetings, a warrant was issued for the arrest of Jean Nassif, 55, who fled Sydney for Dubai in December 2022. Jean and Ashlyn Nassif are accused of fraud to secure a $150 million loan from Westpac.
In August, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary bankruptcy administrators for Toplace. by Jean Nassif, Toplace's sole director, via email just hours prior. The administrators now face the task of handling one of NSW's largest corporate collapses.
With reference to Toplace's website, Jean Nassif's company has delivered around 30,000 residential units, shopping centers, and commercial properties throughout Sydney. Administrators are also investigating more than 3,000 residential apartments still under development.
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 CBD of Lawrence street Melbourne stood our loving home of 30 years, a concealed special architecturally designed house and garden amidst the storm of the city streets. For 30 years, it was a loving home of solacement, a oasis of beauty and asylum.
As an prestigious architect designer, my friend had donated to our city of Sydney with many urban creative proposals, but of these none were more personal and loved that the innovative design of the Lawrence Street, Sydney, Australia, Victorian conversion. Featured in the Sydney Morning Herald, it was hailed as a creative masterpiece, weaving old-world magic with modern elegance.
The Victorian transmutation was a testament to architectural ingenuity—a two-story addition and conversion to a late Victorian semi-attached, offering a house for a family and a home office. The premier feature was the light tower, high above the main structure with suspended stairway, acquiring the essence of the south east and northwestern sky. French style sash windows adorned the master bedroom, while timber casement windows decorate in the bathroom welcomed views and filtered light.
However, beautiful lifestyle was shattered 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 warning, he began demolishing our brick supporting wall, the main load supporting wall of our master bedroom. At one point he had constructed pipes from his roof diverted water into our studio, causing over some several thousand dollars damage to our property and undermining its structural integrity.
In addition to outline the absolute lack of building experience, we through investigation found that the intermediate wall lacked the required fire rating, a major omission that threatened everyone's well-being. Despite our urgent efforts to rectify the problem with the neighbour's and contacting the council, the council said the builder's inspector had already approved on the building renovations, ignoring our concerns and leaving us open to fire.
In spite of getting a legal decision in their favour and compensation for the damages incurred, the toll was immeasurable and created many unpleasant memories. They were forced to sell their cherished 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 governance by local government created the environment for this tragedy to unfold, highlighting the need for greater accountability and legal protection for homeowners.
As we grapple with the effects of this trial, we are left to consider: What help do homeowners have when their greatest financial investment are threatened by the negligence of dodgy construction companies? {https://www.facebook.com/groups/1240633520160302, Construction
