Jean Nassif’s property development empire Toplace goes into administration
Jean Nassif’s property development empire Toplace has gone into administration just days after its besieged founder was banned from operating while a review decides his future.
The decision will plunge thousands of apartment owners across Sydney into uncertainty with a number of Toplace projects under construction and a series of court battles under way over towers that have already been built.
Jean Nassif’s Toplace empire has been placed into administration. Credit: Instagram
Documents filed with the corporate regulator on Monday night show Toplace has been placed under the control of administrators Suelen McCallum and Antony Resnick of dVT Group.
The circumstances of their appointment remain unclear.
Administrators must determine whether an insolvent company is salvageable or not by examining ways to pay off its debt.
According to its website, Toplace Group has delivered approximately 30,000 residential homes, shopping centres and commercial suites across Sydney.
Apartment owners in the Vicinity building are coming to the end of their tether.Credit: Janie Barrett
On Tuesday, the Herald revealed that defects in Toplace’s troubled Vicinity complex at Canterbury could cost around $50 million to repair and will be the subject of an upcoming hearing in the Land and Environment Court.
Toplace and its associated entities are also being sued in the NSW Supreme Court over two developments at Parramatta and its Atmosphere project at Castle Hill.
Nassif, the company’s owner and founding director, is wanted in relation to a fraud investigation and is being hunted by police overseas.
Last week Nassif was banned from operating while a review decides whether to set aside a decision to suspend his building licence.
Toplace Group and the administrators have been contacted for comment.
More to come
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