The company posted news of Sanson’s death on its Facebook page on September 23, describing it as a sudden shock and saying he would be missed by those in his community.
“The business he built from the ground up is a huge part of Mark’s legacy, and the impact he had on the local contracting community will be remembered for many years to come.”
The post received more than 200 comments and 1800 reactions, many people passing on condolences to his family and sharing stories of their time with Sanson.
A person with connection to Sanson confirmed he died from a heart attack.
As for the state of the company, the liquidator identified a number of items of plant and machinery subject to security interests, as well as unencumbered items of limited value.
Nellies identified plant and machinery with a preliminary value of $5.45m, and another $218,000 owed by debtors to the company, taking total assets to $5.668m.
Nellies said he would review the company’s financial records to establish whether any loans or current accounts were owed to the company by its director or shareholders, and recover these where economic.
Waipounamu Contracting had 11 known secured creditors at liquidation and 27 security interests registered against the company, with a combined total of $4.85m owed.
One secured creditor has advised Nellies that they are not owed any funds.
Secured creditors included the Bank of New Zealand, Fletcher Distribution, John Deere Financial and Farmlands Finance.
Waipounamu Contracting had 13 known preferential creditors, including Inland Revenue (IR) and 12 employees, with a combined total of $531,000 owed.
The company had 70 known unsecured creditors, mostly trade creditors, with a combined total of $773,000 owed.
A further $3.773m is owed in related party loans and current accounts.
Creditors of all classes were owed a combined $9.927m, creating an estimated deficit of $4.259m.
Nellies said it seemed unlikely there would be funds for a dividend to unsecured creditors given the amounts owed to secured and preferential creditors.
However, the outcome could not be confirmed until a full examination of company records had been undertaken and the assets realised.
Nellies estimated the liquidation would be completed by June 30, 2027.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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