The recent collapse of major corporations in both the United States and Australia is of course a personal disaster for many shareholders of those companies. Bu the fate of the employees of those companies, or other parties who have dealt with or been injured by them, is also a major problem. Where a company becomes insolvent, and where the company has also been underinsured or not insured, what remedy can a company employee, or a creditor, or someone who has cause for action against the company in tort, obtain? In this context the question of personal liability of company directors becomes increasingly important. Can a director be held financially accountable for board decisions which have led to damage to those whom the company has dealt with or injured?