Jean Nassif's Sydney property empire enters administration

Documents filed to the Australian Securities and Investment Commission show Nassif’s building company Toplace has entered external administration under dVT Group administrators Suelen McCallum and Antony Resnick.

9news.com.au has contacted dVT for comment.

Toplace has been operating since 1992 and according to its website has “delivered approximately 30,000 residential homes, shopping centres and commercial suites” in Sydney.

Nassif is believed to have left Australia in December last year and months later NSW Police issued an arrest warrant in connection to alleged fraud offences.

Police allege he obtained a $150 million loan from Westpac through fraudulent pre-sale documents of an apartment complex in Castle Hill.

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The 55-year-old has been the subject of ongoing investigations.

Before Nassif left Australia, he applied to review a decision by the Commissioner for Fair Trading on December 2 suspending his licence for 10 years and permanently banning Toplace from engaging in construction work.

In January, a member put a stay on the commissioner’s decision after finding removing the licences could jeopardise remediation works being done on the firm’s apartments and expose them to the risk of breach of contract.

But last week the NSW Civil and Administrative Tribunal decided to strip Nassif and Toplace of their development licences immediately.