Ideally, of course, we would like to be paid for the work done.
However, we consider it unlikely that we are going to have much luck with that. We do believe that the directors have the personal assets to cover the debts, and there is a large overdrawn director's loan making them liable. Unfortunately we also strongly suspect that they are in the process of selling up in order to move to Australia, where they have dual citizenship.
That being the case we would rather that the large profits they have made selling software services they haven't paid for, to people who aren't going to benefit or recover their investment, not be entirely without repercussions.
We do realise that trying to pursue moral or ethical (rather than purely financial) matters via the legal system isn't likely to meet with any success, and that it may in fact scupper what little chance there is of us getting compensated. It is an option we would like to know the viability of, rather than a course of action we are fixated on.
If we send a solicitor's letter based on the site being insecure / not fit for purpose it seems they could just ignore it by cutting our access to the server and claiming that they had had someone else deal with the issues (regardless of whether they had or not).