The building arm of troubled Sydney developer Toplace Group has been placed under voluntary administration.

In a decision potentially impacting hundreds of apartment buyers and contractors, administrators Antony Resnick and Suelen McCallum of DVT Group were appointed on July 7.

They were brought in by lawyers representing Mr Nassif, who is currently overseas and facing an arrest warrant for fraud allegations.

This development follows the revocation of Toplace's building licence and an order from NSW Fair Trading to rectify serious defects in the Vicinity apartment complex in Canterbury, which authorities warn could collapse.

The appointment of administrators coincides with Mr Nassif's sale of a prime portfolio of development sites, expected to generate up to $250 million. 

Additionally, insolvency firm KordaMentha has been appointed as receivers over several Toplace assets on behalf of secured creditors.

While the administrators are still reviewing a significant amount of information, Mr Resnick stated that it is too early to determine the extent of the owed money or the number of affected buyers and contractors. 

The fate of ongoing projects and land holdings is yet to be decided.

A meeting of creditors is scheduled for next week, with secured creditors and an anticipated number of unsecured creditors, including approximately 40 employees, classified as priority unsecured creditors.

Toplace, founded by Mr Nassif in 1992, claims to have delivered around 30,000 residential homes, shopping centres, and commercial suites in Sydney.

Despite the challenges faced, Toplace management, including Ashlyn Nassif, remains hopeful, emphasising that the appointment of administrators is in the best interest of stakeholders. 

They anticipate meeting all creditor obligations through the realisation of their extensive property portfolio.