Could a director of a private company limited by shares be liable for 3rd party damages greater than their investment

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The private company develops a system (hardware and software) which allows running races to be managed. One of the system's features is to collect data confirming competitors have started, finished and have visited various points en-route. This data is transmitted to the race organiser during the race, thus providing "last-known location" information. A runner goes missing but the system malfunctions and fails to provide correct and/or timely location information about this occurrence. The runner is subsequently seriously or fatally injured and a claim is made against the race organiser. Could the directors of the company providing the system face damages greater than the company's limited liability?

 

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