Director liability for unrecovered tax: private-company directors can be jointly and severally liable unless exonerated. Directors of a private company are jointly and severally liable for tax, interest or penalty not recoverable from the company for supplies during their tenure, unless they prove non-recovery was not due to their gross neglect, misfeasance or breach of duty; on conversion to a public company, that joint and several liability for amounts unrecovered before conversion does not apply to former private-company directors, provided personal penalties on directors remain unaffected.