Liquidated roading company Infracon was sold to Higgins Aggregates for $7.6 million, with former employees receiving almost $3 million.
Infracon was 66 per cent owned by the Tararua District Council, with the Central Hawke's Bay District Council owning 34 per cent. The company was put into liquidation in August last year.
Liquidators John Fisk and Tony Pattison of accountants PricewaterhouseCoopers had assessed core parts of the business and decided some divisions of the company couldn't viably continue to trade, which resulted in the redundancy of 98 staff, with 113 staff remaining employed.
Throughout the course of the liquidation a small number of staff left of their own volition, or were made redundant as contracts ceased with the Tararua District Council.
In a liquidator's report released last week, Mr Fisk acknowledged the considerable assistance received from Infracon staff who remained employed, particularly the chief executive Darren Mason.