AVAA President, Tim Slattery, penned a fantastic article in the July ARITA Journal, titled “Understanding Valuation and Auction Compliance.
This comprehensive article highlights the risks associated with not using a compliant and ethically obliged auctioneer and valuer.
Seller beware! How to protect yourself
Valuation and auction compliance in a nutshell:
- The valuation and auction industry of chattel goods in Australia is almost entirely unregulated.
- Auctioneers of chattel goods are not required to maintain trust accounts for your funds except in Queensland.
- There are no qualification requirements to be a valuer of chattel goods or requirements to hold professional indemnity insurance.
- Valuers are not required to meet any formal regulatory standards with their reports.
Read the entire article here.
Remember: An excellent way to ensure you’re engaging an auctioneer or valuer of high standing and protected from the above risks is to choose a member of the Auctioneers and Valuers Association of Australia (AVAA).
The Auctioneers & Valuers Association of Australia is committed to ensuring the highest standards of professionalism and sound practice in the fields of auction and valuation.
ABOUT ARITA JOURNAL:
The Australian Restructuring Insolvency & Turnaround Association Journal is the quarterly publication for restructuring, insolvency and turnaround professionals in Australia.
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