Regardless of its size, every company is governed by a Board of Directors composed of a certain number of directors. In many cases, the directors and shareholders are one and the same; in others, the directors are recruited specifically to manage the enterprise.

As a general rule, a company's director is not personally liable for its debts. However, under certain circumstances directors may be held personally liable for certain debts under various laws. As part of our tasks, we are required to advise enterprises experiencing financial difficulties as well as their directors. We have found that it is not uncommon for these individuals not to be aware of all of the company's debts for which they are personally liable.