If officers act in a reckless and fraudulent manner, the veil can be pierced to pay back creditors. I should have prefaced this with stating that I am not a law

If officers act in a reckless and fraudulent manner, the veil can be pierced to pay back creditors. I should have prefaced this with stating that I am not a lawyer and do not provide legal advice. I can speak from personal experience having been part of companies with liabilities when they folded that none of the officers assumed those liabilities personally. No one accused them of negligence or fraud, so I do not know how that would play out.