A Sydney development firm owned by accused fraudster and fugitive Jean Nassif has gone into administration.
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The company boasts a billion-dollar development pipeline on its website, with several major unfinished projects and defective builds now in question.
Records filed with the Australian Securities and Investment Commission show Suelen McCallum and Antony Resnick of dVT Group were appointed administrators to his company Toplace Pty Ltd on Monday.
The company was established in 1992 and is one of Australia's largest privately owned construction and property development companies, with numerous high-rise apartment projects under way in Sydney.
Nassif, the owner and founding director of Toplace, has been accused of fraud and is thought to be overseas.
Police issued an arrest warrant for the developer last month amid allegations a $150 million loan from Westpac was obtained using fraudulent pre-sale documents for an apartment complex in Castle Hill which is yet to be completed.
The 55-year-old left the country on December 22 with a return ticket originally for January 29, 2023.
A Toplace development at 51-53 Old Castle Hill Road still has apartments for sale on the company's website across three high-rise towers, offering, "aspirational, green living and an enviable lifestyle for everyone".
Nassif 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.
The watchdog found both Nassif and his firm had been involved 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 NSW Civil and Administrative Tribunal found Westpac's loan was already at risk with the warrant issued for Nassif's arrest and no evidence the developer planned to return to Australia.
NCAT Acting Judge Terence Simon who granted the stays initially said he was "mindful of the size and scope of the developments presently on foot and the number of people the Toplace and Nassif decisions will affect".
"At the time I granted the stay applications, it was not apparent Mr Nassif would be away from the country for such a long period of time or others would be made responsible for supervising the residential building work on behalf of Mr Nassif," Judge Simon said last week.
The company had outstanding obligations under 12 rectification deeds, as well as at least three active building rectification orders, at least one voluntary planning agreement, a fire safety order and one stop work order.
Toplace site and defects manager Norman Raad told the tribunal if the firm was forced to outsource defect rectification it would slow works and increase costs which may lead to the company's failure.
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.
The developer is the father of Sydney lawyer Ashlyn Nassif, who has been charged with fraud over the alleged $150 million 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 declined to give evidence via video link from Lebanon for legal reasons.
Australian Associated Press
