27 July 2023
Appointment of Administrators to Toplace Pty Ltd
Administrators Antony Resnick and Suelen McCallum of DVT Group have been appointed voluntary administrators (Administrators) of Toplace Pty Ltd (Toplace) and many other related entities.
On this page:
Key information
What strata communities and businesses should do
What happens during the administration?
Need more help?
Support services available
Key information
- For the duration of the administration the Administrators have exclusive authority to deal with the property, assets and liabilities of Toplace and around 65 other related entities.
- Under the Corporations Act 2001 (Cth) the powers of the Director and shareholders of Toplace have been suspended.
- NSW Fair Trading’s disciplinary action to cancel and disqualify Toplace's contractor licence remains in force.
- Building work rectification orders and other orders issued by NSW Fair Trading remain in force.
- The Administrator can be contacted by calling (02) 9633 3333 or emailing [email protected].
- The Administrators will hold two meetings of creditors and issue a report to creditors in advance of the second meeting. The first meeting was held on 19 July 2023 and the minutes are expected to be published within 2 weeks.
The current situation is developing. Please check this page regularly for updates.
What strata communities and businesses should do
Any Owners Corporations, suppliers, trade contractors or other persons who believe they have claims against Toplace should make contact with the Administrator to register as an unsecured creditor. You will need to complete and provide to the Administrators a "Proof of Debt". This will ensure your claim against Toplace is recorded and you are provided with any notices or other communications given by the Administrator to creditors.
Relevant forms can be obtained from the Administrator.
Occupied strata schemes
Individual lot owners should contact their strata manager or strata committee, and have a nominated person (e.g. strata manager or Committee Chair) contact the Administrator to list the scheme as an unsecured creditor.
The nominated person should then provide the owners corporation with updates received from the Administrator.
Buying off the plan
If you have paid a deposit or other payment and have not taken occupancy, you should contact the Administrator to register as an unsecured creditor.
You should also contact your conveyancer or legal adviser to seek advice on your contractual entitlements.
Trade contractors and other goods/service providers
If you have provided goods or services to Toplace Pty Ltd and have outstanding payments then you should register as an unsecured creditor with the Administrator.
What happens during the administration?
The Administrators will investigate the company's affairs, consider whether assets can be recovered or claims brought which might result in a return to creditors.
They will also hold two meetings of creditors and issue a report to creditors in advance of the second meeting.
First meeting
| When | The first meeting of creditors was held on 19 July 2023 at 2pm. |
|---|---|
| Where | Drummoyne Oval, Greg David Stand Function Room, Bayswater Street, Drummoyne 2046 and via Zoom. |
| Documents required | In order to participate in (and vote at) the meeting, creditors were required to complete and provide to the Administrators a 'Proof of Debt', and, unless the creditor is an individual, a 'Proxy Form'. These forms are available at the Administrator's website. |
| Purpose | The purpose of the first meeting was to:
|
Second meeting
| When | The second meeting of creditors must be held within 20-25 business days of the Administrators' appointment, unless that period is extended by the Court. The Administrator will notify creditors of the date of the second meeting. |
|---|---|
| Where | The Administrator will issue a circular/notice to creditors with details of the meeting |
| Documents required | Creditors will need to provide a completed "Proof of Debt" and (in many cases) a "Proxy Form" to vote at that meeting. These forms can be obtained from the Administrator and copies will also be made available here as soon as they are available. |
| Purpose | The purpose of the second meeting is to decide Toplace's future. Before the meeting the Administrator will issue a report to creditors in relation to their investigations. The report will also contain a recommendation as to the options for creditors at the second meeting. The decision for creditors will be whether Toplace should go into liquidation, execute a "deed of company arrangement" (if one is proposed) or whether the administration should end. |
Need more help?
NSW Fair Trading will write to each strata scheme to provide more information on how these developments affect your individual scheme. It will also work with Strata Communities Australia (NSW) and the Owners Corporation Network to assist strata managers and owners within Toplace buildings.
In the interim, if you have specific questions or need more help you can contact Fair Trading on 13 32 20.
ASIC has published the voluntary administration guide for creditors which provides more information on the administration process.
Support services available
NSW Fair Trading understands that this is a difficult time for many from both a financial and mental health perspective. We will do our best to keep you informed but, should you need more personal support, the following agencies may be able to assist:
- Mental Health Line 1800 011 511
- Lifeline 13 11 14
- Beyond Blue 1300 22 4636
- Headspace 1800 650 890
- Mensline 1300 789 978
- National Debt Helpline 1800 007007