I have read about limiting size of directory - like creating big files, formatting, mount,.. etc. But this is all very complicated. Does a utility or something else exist to set a limit on an already existing directory?
Quota is based upon filesystems, but you can always create a virtual filesystem and mount it on a specific (empty) directory with the usrquota and/or grpquota flags.
In steps this will be:
mount -o loop,rw,usrquota,grpquota /path/to/the/formatted/disk/space /path/of/mount/point