Toplace – one of Australia’s biggest property developers – goes under leaving thousands of apartment owners in the lurch as founder Jean Nassif disappears overseas
- Toplace has gone into administration
- Founder Jean Nassif is wanted on fraud-related charges
- Are you a Toplace customer? Contact [email protected]
One of Australia’s biggest and most controversial property developers, Toplace, has collapsed into administration.
The company’s founder, Jean Nassif, is believed to have fled overseas and is wanted by NSW Police over fraud-related charges.
Toplace Group has been described as one of Australia’s largest privately owned development and construction companies.
Its downfall is expected to impact thousands of apartment buyers and contractors across Sydney with several projects currently under construction.
Toplace founder Jean Nassif (pictured with wife), is believed to have fled overseas and is wanted by NSW Police over fraud-related charges
The company collapse comes after Nassif was last week banned from operating.
Antony Resnick and Suelen McCallum of DVT Group were appointed as voluntary administrators for the company’s building arm on July 7.
Mr Resnick said it was too early to guess how much money was owed to creditors, and how many would be making a claim.
‘There are a number [of projects] at varying stages, and lots of land holdings,’ he told the Australian Financial Review.
‘Whether these are completed by administrators or sold off has yet to be decided.’
Creditors are expected to meet for the first time next week.
The company said it had suffered ‘operational difficulties’ like other businesses in the industry.
‘Senior management is working closely with the VAs (voluntary administrators) to achieve the best possible outcome for its stakeholders, especially the creditors and our consumers,’ Toplace said in a statement.
‘We anticipate that through this process in time that all creditors’ debts will be met in full.
‘Contrary to media commentary no bank has ever lost any money financing Toplace group projects. Toplace Group has an extensive property portfolio which will be realised throughout this process to satisfy the obligations to creditors.
‘Toplace is confident that with control being under the expertise of the VAs it will be in the best shape to navigate through these challenging times.’
NSW Police had last month issued an arrest warrant for the developer amid allegations a $150million loan from Westpac was obtained using fraudulent pre-sale documents for an apartment complex in Castle Hill.
The 55-year-old left the country on December 22.
He had earlier applied to review a NSW Fair Trading decision to suspend his licence for 10 years and permanently ban Toplace from engaging in construction work.
Fair Trading found both Nassif and his firm had engaged in improper conduct.
That decision was put on hold to enable the company to finish remediation works on several apartment blocks, but last week the ban was reinstated.
The company collapse comes after Mr Nassif was last week banned from operating
The NSW Civil and Administrative Tribunal found Westpac’s loan was already at risk with the warrant issued for Nassif’s arrest and no evidence that the developer planned to return to Australia.
Toplace also had a nominated supervisor in place to conduct rectification works.
Lawyers for Nassif and Toplace still oppose the decision to strip them of their licences and a final hearing will be heard at the tribunal in October.
Toplace has also been ordered to fix serious defects in the Vicinity apartment complex in Canterbury, in Sydney’s south-west.
The developer is the father of Sydney lawyer Ashlyn Nassif, who has been charged with fraud over the alleged $150million development loan scheme.
Earlier this year, Jean Nassif was called to appear before a NSW parliamentary inquiry into allegations of impropriety at Hills Shire Council, but he declined to give evidence via a video link from Lebanon for legal reasons.
The Paramatta developer made headlines in 2019 when he gifted his wife a canary yellow Lamborghini worth almost half a million dollars
The Paramatta developer made headlines in 2019 when he gifted his wife a canary yellow Lamborghini worth almost half a million dollars.
The gift exchange was posted in a video on Instagram that went viral and was widely described as ‘cringe’. Mr Nassif famously said, ‘Congratulations, Mrs Nassif. You like?’
Toplace has built more than 30,000 residential and commercial developments across Sydney.
