Sydney builder Toplace collapses into administration, founder Jean Nassif wanted on fraud charges

The company of a fugitive Sydney property developer has gone into administration just months after he is believed to have fled the country.

The company of a fugitive Sydney property developer has collapsed into administration.

At the end of last week, Jean Nassif’s massive building firm Toplace Pty Ltd filed papers with ASIC that showed it had appointed administrators.

Mr Nassif founded the business but last month NSW Police issued an arrest warrant for him in relation to fraud-related charges.

The company filed for voluntary administration through lawyers in contact with Mr Nassif.

Antony Resnick and Suelen McCallum of insolvency firm DVT Group are the appointed administrators.

They are only in charge of the building arm of Toplace Group, not any of the other streams of the business.

News.com.au has contacted them for comment.

Toplace Pty Ltd has been in operation since 1992 and claims to have built 30,000 abodes over those years, including residential houses and apartments, shopping centres and commercial offices.

The firm reportedly has not been able to function as a company for some time after losing its building licence due to failing to fix serious defects at a Sydney apartment complex.

The NSW Civil and Administrative Tribunal (NCAT) stripped it of its licence after failing to comply with a court order.

Property developer Jean Nassif’s company Toplace has gone bust.

Jean Nassif, a Parramatta property developer, (pictured with his wife) is believed to have fled the country and be living overseas.

Several of Mr Nassif’s other business entities have already collapsed as concerned creditors appointed receivers to ensure they got back some of their money.

In March, insolvency firm KordaMentha was appointed as the receiver and manager of the firms run by Jean Nassif.

The companies are responsible for the giant Skyview apartment complex in Sydney’s north west.

Tenants were initially barred from moving into the 900 unit block built by Mr Nassif in Castle Hill after signs of cracking were found in the complex’s basement.

Mr Nassif is listed as a director of both 51 OCHR and JKN Finance which are the owners and developers of the Skyview towers.

Toplace was the builder of Skyview.

Mr Nassif’s personal property assets reportedly could sell for as much as $250 million.

The controversial property devloper went viral in 2019 when he filmed himself gifting his wife with a $480,000 yellow Lamborghini on Valentine’s Day.

He famously captioned the video: “Congratulations Mrs Nassif … you like?”

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Mr Nassif gifted his wife a $480,000 Lamborghini in 2019.

Mr Nassif is understood to be living overseas.

Police believe the 55-year-old has not been in the country for months, since at least December.

Strike Force Calool was established in April 2021 to investigate his alleged financial crimes.

Detective Superintendent Peter Faux said last month that police were yet to engage overseas governments or law enforcement agencies in their search, but would do so after there was more clarity on where he could be.

“If he is offshore and overseas then we’ll commence the appropriate conversations with those people in relation to that,” he said.

“We’ve only just applied for the arrest warrant. We’re now looking at those options in relation to if he is offshore.”

Skyview apartment complex in Castle Hill, in Sydney’s north west.

Controversial property developer Jean Nassif (right), with his daughter Ashlyn (centre) and her fiance Christopher (left).

The move comes as Mr Nassif’s daughter – Ashlyn Nassif – continues to front court on allegations she used fake contracts to secure a $150m loan.

The 27-year-old is accused of falsifying $10.5m in pre-sale contracts for the development of the $900m Sky View apartment complex in northwest Sydney.

The partner of law firm EA Legal is yet to enter pleas after she was charged with dishonestly obtaining financial advantage by deception and publishing false or misleading material.

She was granted bail in March with $2.6m secured by her family.

Earlier this year, Mr Nassif was called to front a NSW parliamentary inquiry into allegations of improperiety at Hills Shire Council, but declined to attend as he said he would be in a remote part of Lebanon conducting business and recuperating from a medical procedure, and had intended to be overseas until March 2023.

- With NCA Newswire