Developer Toplace hits rock bottom as 500 creditors chase debts

Developer Toplace hits rock bottom as 500 creditors chase debts

Toplace's project Jolyn Place, Roseberry. Photo via Facebook.

With its founder and owner Jean Nassif on the run over alleged fraud-related offences, Sydney-based developer Toplace faces the ire of more than 500 creditors and 20,000 homeowners affected by the group's demise.

After the company went into voluntary administration earlier this month, more than 140 people joined the first creditors meeting yesterday in Sydney or online.

DVT Group partners Suelen McCallum and Antony Resnick are handling what the former believes "may well be among one of the largest property administrations in Australia".

"We are barely one week into our process. What we do know is there are more than 500 secured and unsecured creditors across at least 75 entities," she says.

"We are looking at assets and liabilities well in excess of $1 billion.

"We understand up to 20,000 homeowners could be impacted in over 20 buildings."

Toplace owner and founder Jean Nassif.
Toplace owner and founder Jean Nassif.

 

She says the meeting was long and cordial with a range of issues covered, but Resnick notes there are still "more questions than answers" at this stage.

"DVT Group is acutely aware there are suppliers, homeowners, lenders, and thousands of others impacted right now and facing uncertainty," Resnick adds.

"Our focus is totally on getting answers in what will be a complex process in the coming months."

On 9 June, NSW Organised Crime Squad detectives were appealing for information on Nassif, aged 55, who is wanted by virtue of an outstanding warrant in relation to alleged fraud-related offences.

"Detectives have information to suggest Mr Nassif is overseas, but as inquiries continue, police are appealing for anyone with information about his whereabouts to come forward," NSW Police stated at the time.

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