A major Sydney development firm owned by accused fraudster and fugitive Jean Nassif has gone into administration.
Records filed with the Australian Securities and Investment Commission show an administrator was appointed to his company Toplace Pty Ltd on Monday.
The company was established in 1992 and is one of Australia's largest privately owned construction and property development companies, with numerous high-rise apartment projects under construction in Sydney.
Nassif, the owner and founding director of Toplace, has been accused of fraud and is thought to be overseas.
NSW Police issued an arrest warrant for the developer last month amid allegations a $150 million loan from Westpac was obtained using fraudulent pre-sale documents for an apartment complex in Castle Hill.
The 55-year-old left the country on December 22.
He had earlier applied to review a NSW Fair Trading decision to suspend his licence for 10 years and permanently ban Toplace from engaging in construction work.
Fair Trading found both Nassif and his firm had engaged in improper conduct.
That decision was put on hold to enable the company to finish remediation works on several apartment blocks, but last week the ban was reinstated.
The NSW Civil and Administrative Tribunal found Westpac's loan was already at risk with the warrant issued for Nassif's arrest and no evidence that the developer planned to return to Australia.
Toplace also had a nominated supervisor in place to conduct rectification works.
Lawyers for Nassif and Toplace still oppose the decision to strip them of their licences and a final hearing will be heard at the tribunal in October.
The developer is the father of Sydney lawyer Ashlyn Nassif, who has been charged with fraud over the alleged $150 million development loan scheme.
Earlier this year, Jean Nassif was called to appear before a NSW parliamentary inquiry into allegations of impropriety at Hills Shire Council, but he declined to give evidence via a video link from Lebanon for legal reasons.