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The company owned by Sydney developer Jean Nassif has gone into administration, weeks after a warrant was issued for his arrest over alleged fraud offences.
- Police are seeking to speak with Jean Nassif regarding an alleged fraud
- His company, Toplace, is one of the largest developers in Sydney
- Defects have been identified at several developments built by the company
Suelen McCallumm and Antony Resnick of DVT Group have been appointed as external administrators of Toplace Pty Ltd, which built a number of projects across Sydney that have structural issues.
Mr Nassif, who founded the company, has been overseas since December last year and declined to face a NSW parliamentary inquiry in February, saying he was in a "remote" area of Lebanon.
Last week the NSW Civil and Administrative Tribunal (NCAT) revoked stays placed on suspensions of his and Toplace's building licences, after "serious defects" were found in the company's Skyview project in Castle Hill and the Vicinity complex in Canterbury.
It followed an appeal lodged to challenge a decision to permanently cancel its building licence and suspend Mr Nassif's licence for 10 years.
A warrant was issued for Mr Nassif's arrest in June, when NSW Police said they believed the 55-year-old had not been in the country for months.
In granting stay orders on the decision to cancel Toplace's and Mr Nassif's licences, NCAT principal member Theresa Simon cited concerns that stopping construction on the Skyview development would jeopardise a $150 million loan facility with Westpac.
Last week she said that loan was "in jeopardy regardless" of whether Mr Nassif or Toplace held a building licence.
Toplace and the administrators have been contacted for comment.
In a statement, NSW Fair Trading acknowledged the voluntary administration would "create uncertainty" for many strata communities and businesses.
"This afternoon NSW Fair Trading published information to advise strata communities and businesses on how they can notify the Administrator that they are impacted by the voluntary administration," it said.
"NSW Fair Trading is also working with Strata Communities Australia (NSW) and the Owners Corporation Network to assist strata managers and owners within Toplace buildings."
It said anyone who had paid a deposit for an off-the-plan sale through Toplace should contact conveyancers or a lawyer to check their contractual entitlements.