Officers of the company can be at risk under certain very poorly defined circumstances. Basically, you have to prove that they personally were at fault and were just using the company as a legal cover for their misdeeds.

https://en.wikipedia.org/wiki/Piercing_the_corporate_veil

If this were happening in the real world, they would have to personally back some of the corporate debts before banks would lend them money. But this is Silicon Valley, where banks and VCs just give away money to their buddies.