Many thanks for all the responses. If I was an 'acting MD' under temporary contract would this dilute my responsibility or is the fact that I am a Director in name mean I am subject to the normal Director rules?

I may be offered a role as managing director of a company that is currently in IVA. I am concerned as to how I ensure that I am not putting myself in a position where I will be exposed to financial or legal liability if the company can not start to turn things around. Where can I go for information ...