Directors liability redefined In Queensland - in force with some significant changes

Key Points:

Directors will only have two types of liability under Queensland law: Type 1 standard liability and "deemed liability".

Directors' personal liability has now been redefined in Queensland under a significant review of executive officer liability for offences committed by their corporation.

From 1 November 2013, ¹ the number of provisions imposing personal or criminal liability on executive officers under Queensland legislation has been reduced from 3,800 to fewer than 300.

For those remaining provisions, the thresholds for executive officer liability have been rewritten and standardised across over 80 Queensland statutes.

Significant changes from the original Bill