Can directors be made personally liable for a business's debt?

What options are available in terms of up-front guarantees or making the directors personally liable for the entity's debt in the event of failure of a company?
Firms can request that the directors of a business sign a director's guarantee - that is a secondary agreement to answer for the debt of another in case that company defaults. This contract should be drawn up by a lawyer.

Before having a director sign a guarantee, it is worthwhile investigating whether or not they have assets available to cover the debt - this can be done by running a relatively simple search such as a land titles search.
Of course, there is currently no means available to confirm whether a director has signed numerous such guarantees.
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