Toplace creditors vote to defer liquidation in hope of better return

Creditors of collapsed Western Sydney developer Toplace, which amassed debts of over $2 billion before founder and now fugitive Jean Nassif fled to Lebanon, voted on Tuesday to hold off liquidation of the group in favour of a scheme that may see them get a better payout.

Known as a holding deed of a company arrangement (DOCA), the proposal was formulated and recommended by administrators Suelen McCallum and Antony Resnick from dVT Group who were appointed on July 7 last year.