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Subversiveness Behind of Connected Partition: A Builders Disastrous Effect on Our Idyllic Refuge

In the Central Business District of Alexandria, Melbourne we had renovated our beautiful sanctuary of some 30 years, a secret garden in the middle of the storm of the city streets. For greater than 20 years, it was a beautiful sanctuary of comfort, a shelter of beauty and asylum.

As an esteemed architect designer, my friend had tirelessly provided to our city of Sydney with numerous urban proposals, but of these none were more personal that the modern design of the Lawrence Street, Alexandria, Victorian. Featured in the Sydney Morning Herald, it was acclaimed as a masterpiece, weaving old-world appeal with neo elegance.

The Victorian transmutation was a testament to architectural ingenuity—a two-story addition and conversion to a late Victorian semi-attached, offering a home for a family and a studio. The highlight was the light tower, high above the roof with floating stairs, capturing the essence of the south east and northwestern skies. French style sash windows adorned the master bedroom, while timber casement windows embellish in the bathroom welcomed views and filtered light.

However, this pleasant existence was destroyed when a new neighbour, a fencing contractor, moved in next door. Initially welcomed with open arms, his illegal actions soon turned our lives upside down threatening the safety of everyone in the area. Without proper notification, he began demolishing our brick supporting wall, the main load-bearing wall of our master bedroom. At one stage he had setup a hose from his roof diverted water into our studio, causing over some several thousand dollars damage to our property and undermining its structural integrity.

To compound matters, we discovered that the intermediate wall lacked the required fire rating, a critical omission that endangered everyone's safety. Despite our pressing attempts to seek resolution the issue with the builder and contacting the council, the council said the builder's inspector had already approved on the building renovations, ignoring our concerns and leaving us vulnerable to harm.

In spite of getting a judgement in their favour and compensation for restitution, the toll was abysmal and created many unpleasant memories. They were forced to sell their beloved home, we mourned the loss of our garden refuge, another casualty of government negligence and unsafe construction practices. The lack of oversight and governance by local government allowed this tragedy to unfold, highlighting the demand for greater responsibilities and legal protection for owners.

As we grapple with the effects of this ordeal, we are left to consider: What help do owners have when their greatest financial investment are made vulnerable by the carelessness of others?

How to Commence – Voting the Best and Inept Building Companies in Commonwealth of Australia..?

The Insolvent, Suspect, and the ending of Building CompanyToplace's Billion-Dollar Empire

from Sept 2023

A Bankrupt building adviser played a important part in securing his insolvency company a highly lucrative job — managing the collapse of Bankrupt Jean Nassif's business empire, which sunk under liabilities in excess of $1.24 billion, including $88.5 million owed to suppliers and onsite builders.

Brand New disclosures about the downfall of Nassif's Toplace group of compaines have surfaced in documented evidence presented to the Australian Federal Court this week by bankruptcy managers from dVT Group of Companies. These documents reveal that secured creditors such as offshore lenders in tax havens, are owed one thousand million.

Further Applicable Information:

Riad Tayeh, Jean Nassif, and Toplace's Skyview construction in Castle Hill.

Unsecured creditors, have made claims with a total est. $244 million. Federal Court claims also show that Riad Tayeh, company founder of dVT Group, played a fundamental responsibility in securing his firm's appointment as bankruptcy administrators. Despite being proclaimed bankrupt in July last year with $5.4 million in debt, Tayeh, now a business advisor, and partner Antony Resnick attended crucial meetings with Toplace top managers in the days leading up to the firm's appointment as bankruptcy administrators. Among those at the meetings on June 2019 was Jean Nassif's 29-year-old daughter, Ashlyn, whose legal practicing certificate was suspended while she fights charges relating to fraud bound to Toplace's Skyview construction development in Castle Hill.

Riad Tayeh was declared financially bankrupt in July last year.

Just days before these meetings, an arrest warrant was issued of Jean Nassif, 55, who fled Sydney for Dubai in October 2022. Jean and Ashlyn Nassif are accused of creating false documentation to secure a $150 million loan from Westpac.

In July, Resnick and fellow dVT partner Suelen McCallum were made voluntary bankruptcy administrators for Toplace, following a resolution passed by Jean Nassif, its sole director The bankruptcy managers now face the task of handling one of NSW's largest corporate collapses.

Resnick filed an affidavit in the Federal Court indicating that while Toplace's assets are valued at approximately $1.47 billion, its debts are nearly the same amount. Despite this, several owners' corporations have filed claims amounting to nearly $124 million to address serious defects in Toplace's buildings.

Further complicating the administrators' task is the web of intercompany loans among Nassif's entities, which amount to $319 million. adding that Toplace's financial books had not been properly updated since 2021.

Resolution Reached for Mascot Towers, Owners to Finally Escape Longstanding Struggles...

After five years of enduring legal battles and financial burdens, relief may be in sight for the long-suffering apartment owners of Mascot Towers in Sydney. A landmark deal brokered by the New South Wales government offers a pathway for owners to sell their properties individually, potentially freeing them from debt and uncertainty.  The majority of owners have opted to accept the government's proposal, which involves selling to a third-party commercial consortium rather than pursuing a collective sale. As part of the agreement, owners will receive a portion of the $30 million building price, along with means-tested support from the state government. Additionally, banks have agreed to reduce loan balances by up to 40% for owner-occupiers, enabling them to move out without financial encumbrances.

However, this debt-relief option is exclusively available to those who resided in the property prior to its evacuation in 2019 due to structural defects. Eligible owner-occupiers, along with select investors, may qualify for government assistance of up to $120,000, depending on their income and assets.  While the deal offers a fresh start for many, it comes with the realization that property values have significantly depreciated since the original purchase. Despite this drawback, the Minister for Fair Trading, Anoulack Chanthivong, views the agreement as a crucial step towards closure for affected owners, describing it as the end of a “dark chapter” in the state's building history.

The next phase involves determining the extent of government support for owners and ensuring that lenders fulfill their commitments. The journey towards resolution began in 2019 when residents were evacuated due to structural concerns, prompting a prolonged battle for justice and financial relief.  Throughout this ordeal, owners faced the burden of ongoing levies, mortgages, and remediation costs, exacerbating their plight. The evacuation prompted a grassroots campaign urging regulatory reforms and developer accountability, culminating in the current agreement.

To date, the NSW government has allocated $21 million in support to affected owners, underscoring its commitment to addressing the repercussions of defective building practices. As the community looks ahead to a new chapter, the resolution of Mascot Towers stands as a testament to perseverance and collective action in the face of adversity.

Paul Meek,