Who is liable if shares are not fully paid before they are issued?

In this context, when shares are not fully paid before they are issued, the directors of the company hold the responsibility. This is primarily due to their fiduciary duty to the company, which includes ensuring that all legal requirements regarding share issuance are adhered to, including the collection of capital necessary for the company's operations.

When shares are issued, especially if they are not fully paid, it is the directors who must ensure that the company complies with statutory requirements. This responsibility encompasses not only the correct issuance of shares but also the implications related to the company’s solvency and financial stability. The directors could be held liable if it can be demonstrated that they failed to enforce the terms of the share issuance and did not take necessary precautions to safeguard the interests of the company and its shareholders.

The shareholders, creditors, and founders generally do not bear the direct liability for shares not being fully paid prior to issuance, as the directors are tasked with managing and directing the company in accordance with both statutory obligations and the company’s best interests.