The famous multi-million company Wakefield Construction, has filed for bankruptcy. She has been Sunshine Coast’s largest and most sought builder for years now, so it raises eyebrows when such a huge company goes down so abruptly. We dug up some facts that our sources have confirmed to be the main causes of this decision by the company’s board. Wakefield Construction possesses a long line of contractors and sub-contractors who have not been paid for a long while in the recent past.
We discovered a different list of creditors who won’t receive a dime as this real estate giant goes down. Among the losers are the community that has for so long benefited from the expert green building in home renovations and high quality development, not to mention the endless list of employees and contractors who have lost their jobs and world class opportunities with Wakefield Construction.
Lance Sparling, the owner, has not been spared either. Records reveal that he had been borrowing from his own kitty to keep the company up and rolling. We noted that he put his multi-million house up for sale. The piece catches the eye, but like other similar properties, it has not received much attention in the market. So really, there was no escape for this all time reigning real estate company.
What’s more, Better Business Bureau, Built Green Canada, Coast Community Builders Association and the Greater Vancouver Home Builders Association have lost a very reliable member that no doubt contributed a great deal to their development. Next time when considering real estate companies to work with, check their history. Dig up and compare the competencies to arrive at the best one and avoid falling into endless voids of promises of bankrupt companies.
We sympathize with Wakefield and appreciate the big lesson on how not to go bankrupt on your customers!!