Some have managed to recover a portion of the cash they were owed when a business went belly-up.

Others have had to wait years in the expectation of getting something, if only a few cents in the dollar.

Unlucky ones have seen companies go under without getting a brass razoo.

ION Limited collapsed in December 2004 and its debt was reported soon afterwards as $550 million.

Just over three years later, the company that took over the Lavington gearbox business also collapsed.

Amazingly, the payout from the 2004 debacle still hasn’t been finalised by the expert chartered accountants involved.

Already complex problems were compounded by legal difficulties about shares and the need to await a ruling from the High Court of Australia.

However, the court made a ruling in January 2007 and that was 31 months ago.

It’s hard to say where the fault lies for the long delays.

But surely a system that keeps creditors waiting almost seven years needs to be changed.