In Reply to: genuine question posted by Foley on April 08, 2009 at 10:03:58:

Most of these debts are in limited liability companies, and therefore the owners (developers etc) have limited liability. Just the initial equity these entrepreneurs put into the limited companies.

It would be highly unlikely that these companies have personal guarantees. Only where there is a personal guarantee do the banks, (and in future the state) have recourse to the personal wealth of the individuals.

Not sure what penalty you expect them to pay - they have lost the equity, which in some instances will be substantial.