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Not a pebble looked out of place as Jean Nassif’s immaculately maintained mansion on the Chiswick waterfront in Sydney’s inner west was bathed in winter sunshine on Wednesday afternoon.
It was like salt in the wound for dozens of furious creditors gathered at Drummoyne Oval.
The home of Toplace owner Jean Nassif in Chiswick.Credit: Kate Geraghty
They were within eyeshot of the palatial home as they met administrators who are sifting through the carnage of Nassif’s collapsing construction empire.
Up to $1 billion in assets and liabilities are at stake across the 75 companies in the Toplace group that have now been placed into the hands of the administrators.
The meeting heard 500 creditors are chasing up to $200 million from Toplace’s building arm, which went into administration this month, and it was unlikely it could be salvaged.
“The voluntary administration of Toplace may well be among one of the largest property administrations in Australia,” said the administrators Antony Resnick and Suelen McCallum of dVT group in a joint statement after the meeting.
Jean Nassif’s Toplace empire has been placed into administration.Credit: Janie Barrett and Supplied
“We understand up to 20,000 homeowners could be impacted in over 20 buildings.”
Resnick and McCallum were appointed by Toplace’s lawyers, ERA Legal. At the meeting, they staved off an attempted coup by a group of creditors who wanted different administrators from FerrierSilvia installed.
Resnick stressed he was well-credentialed in dealing with the administration of large construction companies, adding that his firm had successfully restructured Johnson Property Group.
“The reality of the matter is we aren’t out to represent the director,” Resnick said. “We represent stakeholders.”
People arrive for the Toplace creditors’ meeting at Drummoyne Oval on Wednesday, after the company went into administration.Credit: Kate Geraghty
McCallum added that one of the firm’s specialties was investigation.
The pavilion at Drummoyne Oval was flanked with security guards for the duration of the three-hour meeting. About 60 creditors attended the meeting in person and a further 100 participated over Zoom.
The administrators were appointed to Toplace only a day after Nassif and his building firm were banned from operating in NSW while a review decides their future.
The ban relates to more than 40 “serious and potentially serious” defects in Toplace towers.
Nassif, 55, has been overseas since before NSW Police issued a warrant for his arrest over an alleged large-scale fraud in regard to which his daughter, Ashlyn, has been charged.
According to its website, Toplace Group has delivered approximately 30,000 residential homes, shopping centres and commercial suites across Sydney.
Gordon Henderson’s mobile crane hire business is owed about $100,000 by Toplace.
Henderson, who has been in the industry for 40 years, was pessimistic about his prospects of recouping the money.
“I’ve been to a lot of creditors’ meetings but I’ve never been to one where you finish with a cheque,” he said.
“Imagine the enormous number of companies involved; there’ll be a lot of dark lanes to go down, I think, before they get it all worked out but hopefully at the end there’s enough left over … there’s a lot of little blokes in there.
“I’ve been in business for 40-odd years. What about the bloke that’s been in the business a year or two? They haven’t had the time to accrue a few bob.”
The administrators said there were still more questions than answers at this early stage.
“DVT Group is acutely aware that there are suppliers, home owners, lenders and thousands of others impacted right now and facing uncertainty,” they said.
“Our focus is totally on getting answers in what will be a complex process in the coming months.”
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