Collapse of Jean Nassif Toplace: Angry creditors rally

Resnick said he has extensive experience managing large construction companies, adding that his firm successfully restructured Johnson Property Group.

“The reality is that we’re not trying to represent the director,” Resnick said. “We represent stakeholders.”

People turn out to attend Toplace's creditors' meeting at Drummoyne Oval on Wednesday after the company filed for bankruptcy.

People turn out to attend Toplace’s creditors’ meeting at Drummoyne Oval on Wednesday after the company filed for bankruptcy.Credit: Kate Geraghty

McCallum added that one of the firm’s specialties is investigation.

The Pavilion at Drummoyne Oval was flanked by security guards during the three-hour gathering. About 60 believers attended the gathering in person, with another 100 attending via Zoom.

Administrators were appointed just a day after Toplace, after Nassif and his construction company were banned from operating in NSW while a review decides their future.

The ban refers to more than 40 “serious and potentially serious” defects in Toplace towers.

Gordon Henderson of Mobile Crane Hire, who says he is owed $100,000.

Gordon Henderson of Mobile Crane Hire, who says he is owed $100,000.Credit: Steven Siewert

Nassif, 55, was abroad before NSW Police issued an arrest warrant for him over an alleged large-scale fraud his daughter Ashlyn was charged with.

According to its website, Toplace Group has delivered around 30,000 residential homes, shopping centers and commercial spaces across Sydney.

Loading

Toplace owes Gordon Henderson’s mobile crane rental business approximately $100,000.

Henderson, who has been in the industry for 40 years, was pessimistic about his chances of getting the money back.

“I’ve been to a lot of creditors’ meetings, but never one where you end up with a check,” he said.

“Imagine the sheer number of companies involved; I think there will be a lot of dark alleys to walk before they sort it all out, but hopefully there’ll be enough left at the end… There’s a lot of little guys in there.

“I’ve been in the business for over 40 years. What about the guy who’s been in business for a year or two? They haven’t had time to put on a few pounds.”

Administrators said there were more questions than answers at this early stage.

“The DVT Group is very aware that there are suppliers, homeowners, lenders and thousands of others who are currently impacted and facing uncertainty,” they said.

“Our focus is fully on getting answers in this complex process in the coming months.”

Our breaking news alert will notify you about important breaking news when they happen. Get it here.

Justin Scaccy

InternetCloning is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@internetcloning.com. The content will be deleted within 24 hours.

Related Articles

Back to top button