The collapse of broking firm BBY has highlighted the need for company directors to be aware of a company's financial circumstances, and their obligation to understand the business operations. Australian tennis legend Ken Rosewall has admitted to a court that he didn't sufficiently understand BBY's business, and had really only joined the board to help his son, CEO Glenn Rosewall, in a PR capacity. He also admitted that he didn't understand the potential consequences of acting as a director, which include being personally liable for taxation debts. This is a salutary lesson for directors of privately owned and family businesses, many of whom might be in the position as a support for family members, without understanding the accompanying responsibilities.