What are the legal responsibilities and liabilities for a company director in Australia?

Question

I have been offered a position as general manager and administrative director with a company starting up in Queensland, however have not previously held either role before (my career to date has involved working in the media).

I am hoping someone can tell me what responsibilities and liabilities I may have (in general) as a company director?

Also I am particularly wondering what liabilities I have in terms of if the company goes bust (or even if the major shareholder does a runner), given that most businesses fail within the first two years. Could I personally be held liable for the company's debts etc?

If anyone can direct me to a website where this sort of information is obtainable that would be great too.

Many thanks in advance!

Answer 1

As long as you don't sign any personal guarantee, you won't be held personally liable for anything. If you are signing a contract on behalf of the company, you can insist that there's a board of directors resolution approving the purchase and appointing you to sign the contract. I think you'll find the attached links useful.