By Laura Chesters
The Australian professional auctioneering body has called for all auctioneers to introduce client accounts – known as trust accounts in Australia – to avoid a repeat of the grim situation at failed firm Mossgreen.
The Auctioneers and Valuers Association of Australia (AVAA) said maintaining trust accounts to protect vendors in the event of trading and solvency issues is paramount, and it is has made it a mandatory requirement of being a member of the organisation.