Declaration of insolvency of a limited liability company – does it really protect a member of the management board?

People generally believe that submitting a bankruptcy petition of a limited liability company and declaring it insolvent by the court enables the management board to rest assured. This belief originates from focusing only on the content of art. 299 of Polish Commercial Companies Code (hereinafter: CCC), without the correct analysis of the bankruptcy law provisions. However, in reality, even after declaring the company bankrupt, the assets of members of the management board might not be protected. Why does it happen?