[syllogism]

This seems a good provision to me.

If there's no personal liability, and the CEO is otherwise looking at bankruptcy, only ethics would force them to be honest with staff about being unable to make payroll. Employees would be out 1 pay at least, probably more, depending on how well the CEO can lie.

[walshemj]

So make trading while insolvent a crime as it is in the UK - having a CEO who's panicking about becoming personally bankrupt is the last thing you want in a crisis.