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The Bankrupt, Fugitive, and the ending of Building CompanyToplace

from June 2023

A Defendant building adviser {was deeply involved with obtaining his insolvent registered company a very moneymaking building contract|played a important function in securing — oversight of the collapse of Insolvent Jean Nassif's property empire, which sunk under liabilities surpassing $1.24 billion, including $88.5 million due to suppliers and onsite builders.

Fresh disclosures about the downfall of Nassif's Toplace group of compaines have surfaced in documented evidence shown to the Australian Commonwealth Federal Court this week by bankruptcy administrators from dVT Group of Companies. These documents reveal that secured creditors such as offshore lenders in tax havens, are owed one thousand million.

More Relevant Subject Matter:

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

Unsecured creditors, have issued financial claims with a total estimated $244 million. Australian Federal Court filings also indicate that Riad Tayeh, business founder of dVT Group, which played a fundamental responsibility in securing his businesses appointment as administrators. Despite being proclaimed insolvent in July 2022 with millions in debt in debt, Tayeh, now a business consultant, and colleague Antony Resnick went to essential meetings with Toplace executives in the period leading up to the firm's appointment as bankruptcy managers. As well as those at the meetings on July 2020 was Jean Nassif's 29-year-old daughter, Ashlyn, whose Certificate to practice Law has been suspended while she fights charges related to a $150 million fraud tied to Toplace's Skyview building development in Castle Hill.

Riad Tayeh was legally financially bankrupt in June 2022.

Just days 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 creating false documentation 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 administrators now face the task of handling one of NSW's 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.

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