You could be held personally liable for losses resulting from illegal acts, acting beyond your powers, or failing to use sufficient skill and care.
You could become personally liable for company debts if you allow the company to trade while it is (or is likely to become) insolvent. If the company has difficulty meeting its financial obligations the directors should seek advice from an insolvency practitioner.
Some types of conduct can lead to disqualification from being a director. You might also be fined or face criminal prosecution - for example, for failing to keep proper accounting records, for fraudulent behaviour, or for serious health and safety shortcomings.
You are not generally responsible for the actions of other directors if you knew nothing about them and took no part. However, you are expected to keep yourself informed about what is going on in your company, whether or not it is in an area that is your primary responsibility. It is very dangerous to turn a blind eye - particularly in relation to the company's financial situation. Directors can be held jointly and severally liable if they act in breach of their responsibilities.
