A natural person who dies insolvent leaves creditors with only the assets present in the estate. Creditors cannot make unrelated relatives personally liable for the remaining debt merely because they were close to him.
By analogy, if a company is accepted as a separate legal person, liquidation can be compared to the end of that legal person's life, so creditors look primarily to the company's own assets.
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Limited Liability: The Modern Concept and the Shari‘ah Question
A natural person who dies insolvent leaves creditors with only the assets present in the estate. Creditors cannot make unrelated relatives personally liable for the remaining debt merely because they were close to him.
By analogy, if a company is accepted as a separate legal person, liquidation can be compared to the end of that legal person's life, so creditors look primarily to the company's own assets.