"It's an incomprehensible, sad irony that because of that he has passed away. It's hard to fathom."
Davenport paid tribute to his former boss, saying he had left a huge legacy around the South Island and further afield.
The Mid Canterbury and Tasman offices also shut their doors for the final time on Friday, on the orders of the receivers.
More tributes poured in yesterday for Hubbard, 83, who died when the car his wife Jean, 82, was driving collided with a ute on State Highway 1 in Richmond, about 5km north of Oamaru around 1pm.
Otago police inspector Mike Cook said last night: "We are completing a full and thorough investigation into all aspects of the crash and this is expected to take some weeks."
News of Hubbard's death yesterday prompted a wave of sympathetic messages on social networking sites, including the Help Allan Hubbard Facebook page, which highlighted his integrity and philanthropy.
Timaru personalities and politicians also lined up to pay tribute to the failed financier, who was facing 50 counts of fraud and related offences after the collapse of his company.
- Additional reporting by Kurt Bayer of APNZ