Toplace: 500 creditors owed $200m as lawyers make contact with ‘wanted’ man Jean Nassif

Hundreds of creditors, who say Jean Nassif’s collapsed Toplace owes them a combined $200 million, have heard liquidators suggest it could be the “biggest collapse in the Australian property market’s history”. HERE’S WHAT HAPPENED INSIDE.

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Administrators have revealed the sheer number of creditors left in the wake of ‘wanted man’ Jean Nassif’s Toplace collapse, likening it to the “biggest collapse in the Australian property market’s history”.

More than 500 creditors have made claim to an eye-watering $200 million in outstanding funds, as the financial issues, complexity and scope of development company Toplace’s collapse was laid bare at a Sydney creditors meeting on Wednesday afternoon.

More than 100 concerned tradies, strata owners and representatives of companies owed by Mr Nassif’s Toplace packed out Drummoyne Oval to hear the tip of the iceberg.

“We know a lot of creditors are doing it tough due to the collapse,” dVT Group administrator Antony Resnick told the packed audience.

Organised Crime Squad appeal to locate man wanted on outstanding warrant for Jean Nassif. Source: NSW Police

“Our job is take control, realise what assets are left, how we can return them to creditors, and save as many jobs as possible,” Mr Resnick said.

The creditor’s meeting with administrators Mr Resnick and Suelen McCallum heard lawyers had been in contact with Mr Nassif from Lebanon and how the July 6 NCAT ruling re-suspending Toplace’s building license promoted the voluntary administration.

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Jean Nassif, Toplace building licences re-suspended by NCAT

Across 500 creditors, the administrators said the claims of debt owed “came close to $200m”.

“We’re only a week into our investigations, but there’s 75 entities impacted, assets and liabilities in excess of $1bn, and more than 20,000 homeowners affected,” Ms McCallum said, revealing they expected more to come out as inquiries continued.

“It’s one largest property administrator failures in Australia.”

A team of 15 administrators, as well as the last remaining 20 Toplace staff, have been working out of Mr Nassif’s Concord HQ in an effort to determine assets and the current financial state of play.

On top of the collapse of Toplace’s building arm, more than 75 subsidiaries of Toplace are also in administration with administrators reporting the $1.5 billion worth of assets and liabilities were to be assessed.

The first meeting of creditors after the collapse of, Toplace, at Drummoyne Oval, today. Picture: Justin Lloyd.

Daily Telegraph. 17, July, 2023. Luke Coppin, left, manager of DVT GROUP, arrives at the first meeting of creditors after the collapse of, Toplace, at Drummoyne Oval, today. Picture: Justin Lloyd.

“Those entities all have a value which will be realised,” Mr Resnick said.

Chris Duggan, a representative for the Toplace-built strata owners, said the amount owed to the 21 owner corporations across the city was more than $100m, with the majority going towards defect work.

Partly built Skyview, in Castle Hill, by Jean Nassif's now barred Toplace developer. Picture: Justin Lloyd.

Ms McCallum revealed it was “highly unlikely” the company would return to Mr Nassif, and that his remaining Toplace staff were helping administrators at each of the company’s development complexes and building sites.

One angry creditor asked whether they’d “dealt with any individuals as devious as Mr Nassif”, which was met with assurances they were working for the best outcome.

“Mr Nassif was forced to make the decision to go in to voluntary administration after NCAT’s ruling,” Ms McCallum said

“Many of you would say for good reason.”

Creditors leave the meeting held in Drummoyne. Picture: Christian Gilles

Administrator from DVT group, Antony Resnick speaking to the press after the meeting held in Drummoyne. Picture: Christian Gilles

Administrator from DVT group, Suelen McCallum speaking to the press after the meeting held in Drummoyne. Picture: Christian Gilles

Crane operator Gordon Henderson leaves the meeting held in Drummoyne. Picture: Christian Gilles

Mobile Crane Hire owner Gordon Henderson is owed about $100,000 by Toplace for work at two Hills Shire sites: Atmosphere and Skyview.

“I think there’s a lot of dark lanes to go down before they get it worked out,” he said

“There’s also a lot of little blokes in there (the creditors meeting) — it’s hard for them, as they haven’t had the time yet to get a few bob as a buffer.”

Mr Henderson said “you don’t want to hear my message to Mr Nassif”, but alleged the Toplace developer was “hard to get your pay from”.

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“That’s the nature of the industry, sometimes you get paid sometimes it’s harder to,” 40-year industry veteran Mr Henderson said.

“We’ve worked with them for a couple of years.”

Mr Henderson, however, said Mr Nassif was “one of the trickier operators”.

“A lot of good blokes work for Toplace“, he said while questioning whether the “one calling the shots” was one of them.

Mr Nassif’s Toplace empire unravelled over five days of turmoil.

On July 6, NCAT re-suspended his building license and cancelled Toplace’s.

On July 10, fresh defects were found at the Toplace built Canterbury Vicinity complex, before the company plunged into administration the following day.

Mr Nassif has been in Lebanon since December and NSW Police issued a warrant for his arrest in June, over fraud allegations pertaining to a $150m loan on one of his Sydney apartment complexes.