It is with enormous frustration that I write this column. I am a former employee of Spectrum Printing Australia, a Sydney company that was liquidated in April. I've learned the hard way just how difficult the authorities make it for a creditor to achieve a fair outcome

Let me take you back to the beginning, when I learned that my old company had been wound up. The first thing that hit me was shock and disappointment. I couldn't believe that directors I'd worked closely with for seven years could walk away without meeting their liabilities. But the part I found most hurtful was they could not look me in the eye and tell me they were closing down. We found out through a third party.

I am basically an easy-going bloke but strongly believe in a fair go. So I decided I would follow this process through to its logical conclusion and try to ensure that those responsible for the collapse would be held to account. I also wanted to recoup as much of my debts as possible.

But following a liquidation process through to its logical conclusion is anything but logical. The authorities seem to go out of their way to make it as confusing and difficult as possible.

I know a lot more than when the process started, but it almost seems like the more I learn, the more confused I become. That's a sad indictment on our legal and regulatory system. The process is a long slow trip. It often quite hard to get your head around what the liquidator, ATO or ASIC is telling you.

I was forced to consult a lawyer. I'd never had a lawyer before; I do now. My lawyer told me that my former employers may have violated section 596AB of the Corporations Act, but that it would take complex and expensive litigation to prove it in court. I wasn't in a financial position to take legal action, so I decided not to go down that path.

It would be fair to say this saga has taken a toll on my health, which at the end of the day is the most important thing in your life. Financially it has had an impact on the lifestyle my family can lead. 

The eight months after Spectrum's collapse seemed like an endless round of emails and phone calls to the ATO and ASIC along with meeting after meeting with the liquidators and lawyers. Me and the other creditors met the liquidator for the final time on 18 November. He said ASIC was not willing to finance any legal action against Spectrum's directors. So unfortunately there is nowhere else to go. I would like to say that I refuse to give up and will keep fighting, but there comes a time when you have to say enough is enough.

To say the whole episode has been frustrating would be an understatement. If there's one thing I've learned in this saga, it's that ASIC and the ATO like to talk tough, but they don't back it up with actions. Sadly, the Australian financial system and legal system is extremely hard to navigate for the average person. It seems like only those with money can afford to get justice.

Larry Jenkins is a creditor and former employee of Spectrum Printing Australia

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