The point is though, if they have taken people's money whilst knowing that the debts exceeded the value of the assets, they may still be personally liable for the debts. From Wikipedia:

"Any director who knows that the company is insolvent and makes the decision to continue to trade, and in doing so increases the debts of the company can be made liable for the company debts."

Being a director of any small outfit is a serious responsibility, I have never done it and would be reluctant to do so.