About 320 people were made redundant when Ruabon-based GHA Coaches ceased trading in July.
It operated public and school services in Denbighshire, Flintshire, Wrexham and into Cheshire and Shropshire.
Administrators were appointed after the firm received a winding-up petition over unpaid taxes.
About 48 workers have approached Manchester-based JMW Solicitors with a view to pursuing action against GHA for failing to consult with them before the redundancies.
Solicitor Chloe Themistocleous said she was trying to determine if they were entitled to a protective award of up to 90 days' pay.
"It is important to remember that whilst the closure of any business is distressing, there are statutory procedures which should be followed," she said.
"When those are not observed, it is only right that employees who have lost their jobs should have redress.
"Depending on how this case progresses, it is possible that the individuals concerned could be entitled to several thousand pounds each."
GHA's remaining assets - including 200 buses and coaches - are being auctioned off online.
The proceeds are expected to go towards paying the company's creditors.
The firm's directors - brothers Gareth and Arwyn Lloyd Davies - have bid to run some of its abandoned routes under a different company.
Former employees of a Wrexham bus company who lost their jobs when it collapsed have contacted lawyers about making a compensation claim.