Bankruptcies seem to be picking up in many parts of the U.S., but as you might expect when dealing with the court system, liquidating a company’s assets through an auction can be fraught with challenges.
“Bankruptcy work is not for the faint of heart,” says B.J. Jennings, CAI, BAS, of Jennings Auction Group, York Haven, Pa.
Auctions conducted through bankruptcy courts are under the control of the court, she says. That means every step you take is closely monitored. And count on filing reams of paperwork.
While bankruptcies have been common for some time in many states, they’ve only recently started to gain momentum in the Pennsylvania area, she says.
“The last several bankruptcy auctions that we’ve had, we’ve had phenomenal numbers, great attendance and strong pricing,” she says.
Those numbers vary by the amount and condition of the assets, but Jennings says the auctions can take in $50,000 to $500,000.
You gain bankruptcy business by working for court trustees appointed to liquidate a firm’s assets — they’re the ones who choose the Auctioneer. But that’s easier said than done.
It took Jennings five years to win the business of the two trustees she works with.
Read the complete story from Auctioneer magazine to get more tips on earning, and retaining, bankruptcy auctions.
To find trustees or bankruptcy auction opportunities, check out the NABT at www.nabt.com. The National Auctioneers Association and National Association of Bankruptcy Trustees formed a partnership in 2010.