This week in Rampart, I gave short shrift to the latest wailing from predictable quarters – David Gonski and his trade union, the Australian Institute of Company Directors – about the frightening liability risks that allegedly loom over public company boards.

Personal liability is a time-honoured bogeyman deployed by the AICD because nothing sells its $8000 courses to small business and not-for-profit directors quite like the fear of an imaginary debtors’ prison.