Many business people are familiar with the corporate director role and the powers granted to someone in the role. What is not always so commonly understood are the obligations and personal liability that accompany the role.

‘Personal liability’ is a serious risk, and one that all directors should understand. Personal liability means that your personal assets – not corporate assets – may be used to satisfy a judgment. While this is in opposition to the concept of limited liability associated with the corporate structure, our laws provide that directors are personally accountable for some corporate wrongs.

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