I would like to explain a little better what I think would result from the above, combined with some of what XDCD and I have proposed before.
Say I start a company, "FOOD CO". I load it up with $30 in seed money. I put up a wage of $3 on the market, with 7 jobs available.
7 people apply and work, leaving me with $9 left. I do nothing with the food assets created.
The next day, 3 people work again, draining all remaining cash that I have. The 4th person works, here is where it gets sticky: FOOD CO is out of money, but someone is owed wages.
What happens next I'm not sure. Perhaps there is a 24 or 48 hour period in the directors of FOOD CO can try to rectify the situation. During this time, I think it would make sense to not give indication that there is not cash on hand to pay wages. AKA allow the employees to work as normal, and give indication after that there is an issue with payment.
I would think it would make sense to have some kind of penalty paid out to the damaged employees in this situation.
I think it would be awesome if you could have a bank issue credit to your company to automatically pay out wages in the case of a cash flow issue.
If you do not resolve the debts you owe in a set time frame, the company and assets are put up for auction, and the resulting payout is distributed first to debtors in order of priority (banks first, then employees, I would think) then, anything remaining would be distributed to shareholders.