The PLC, which was responsible for the operation of the Llangollen to Corwen railway, went into administration last month after declaring insolvency.
Its employees were issued with redundancy notices last week.
Now the Llangollen Railway Trust, which is solvent, is beginning its bid to eventually run the line.
It says it hopes to be asking for help from volunteers in the coming weeks. A small group of volunteers is continuing to carry out work on the new station at Corwen.
A statement from committee members said: “As far as the trust board is aware no bid has been accepted for the entire PLC.
"We are not party to the intentions of the administrators but one option they have is to auction the assets and this has been mentioned in responses to bids from individuals.
"We expect further details from the administrators and their agents over the next few days.
"The trust board is considering our options with regard to obtaining the intangible assets of the PLC, for example website, key contracts, information contained within IT systems, so as to ease the transition from PLC to trust.
“Trust board members have been preparing business plans and cash flow forecasts for a trust-run railway, these will be used in support of meetings with potential funding bodies over the next week.”
Administrators Lambert Smith Hampton added: “The operating and engineering assets, together with the business potential, are currently being marketed for sale.”