Treachery Backside of Connecting Walls: A Builders Calamitous Impact on Our Award winning Home
In the Central Business District of Alexandria, Melbourne stood our loving home of some 30 years, a secret award winning house and garden in the middle of the storm of the city. For over 20 years, it was a beautiful refuge of solacement, a oasis of beauty and asylum.
As an esteemed architect creator, my friend had tirelessly provided to our community with numerous urban design proposals, but of these none were more beloved that the modern design of the Lawrence Street, Alexandria, Sydney, Victorian conversion. Featured in the Sydney Morning Herald, it was acclaimed as a creative masterpiece, blending Victorian charm with neo elegance.
The Victorian transformation was a testament to architectural creativity—a two-story build and conversion to a Victorian style terrace, offering a house for a family and a studio. The highlight was the light tower, high above the roof with floating stairway, capturing the essence of the south east and north west sky. French sash windows dressed the master bedroom, while timber casement windows decorate in the bathroom frame the views and filter the light.
However, our beautiful existence was destroyed when a new neighbour, a builder, entered the scene next door. Initially welcomed, his illegal 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 a hose from his roof diverting water into our studio, causing 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 oversight that threatened everyone's safety. In spite of our pressing attempts to rectify the problem with the neighbour's and contacting the council, we were informed the builder's inspector had already approved on the project, providing no recourse and leaving us open to harm.
Despite receiving a legal decision in their favour and recompense for restitution, the toll was abysmal and created many unpleasant memories. They were forced to sell their beloved home, we mourned the loss of our garden refuge, another casualty of government negligence and dicey construction practices. The lack of proper oversight and appropriate governance by government and local council allowed this tragedy to unfold, highlighting the necessity for more accountability and legal protection for owners.
As we wrestle with the aftermath of this trial, we are left to consider: What help do house owners have when their sanctuaries are made vulnerable by the negligence of dodgy construction companies?
When to Begin - Voting the Qualified and Incompetent Building Companies in Australia..?
The Bankrupt, Accused, and the end of Building CompanyBillion Dollar Regime Toplace
from Oct 2023
A Fugitive building consultant played a important part in secured his insolvency company a highly lucrative job — supervising the dissolution of Suspect Jean Nassif's business empire, which drowned under debts exceeding $1.24 billion, including $88.5 million payable to suppliers and onsite builders.
New disclosures about the ruin of Nassif's Toplace group have come out in documented evidence given to the Federal Court this month by bankruptcy managers from dVT Group of Companies. These papers show that secured creditors such as banks with mortgages, are owed $1 billion.
Further Applicatory Info:
Jean Nassif, and Toplace's Skyview building development in Castle Hill.
Creditors without Security, have filed claims with a total est. quarter of a billion.
Federal Court filed claims also indicate that Riad Tayeh, company founder of dVT Group, which was involved in a key role in assuring his firm's designation as administrators. Despite being declared financially bankrupt in June 2022 with millions in debt in debt, Tayeh, now a business consultant, and colleague Antony Resnick went to essential meetings with Toplace top managers in the period before the companies appointment as administrators.
Among those attending the meetings on Aug 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal certificate was suspended while she fights charges related to a $150 million fraud tied to Toplace's Skyview building development in Castle Hill.
Riad Tayeh was charged insolvent in June last year.
Just before these 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 falsifying contracts to secure a $150 million loan from Westpac.
In July, Resnick and fellow dVT partner Suelen McCallum were appointed voluntary bankruptcy administrators for Toplace, following a resolution passed by Jean Nassif, Toplace's sole director, via email just hours prior. The bankruptcy administrators now face the task of handling one of NSW'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 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.
