Directors Penalties

We are where we are ...stuffed.
Can anybody clarify what the implications are for Directors on presiding over a company that goes Bankrupt or into Voluntary or Involuntary Administration ? I thought that there are penalties that prevent Directors holding directorships in other companies if they are involved in a failed company. Just thought I'd read something along those lines once.
I thought there was a drama with Onetel years ago when James Packer and Lachlan Murdoch were in danger of not being able to hold Directorships in there own companies. Didn't they have to chip in big dollars to resolve the issue ?
I may be way off track.
Just interested if anyone knows or whether the Directors just walk off into the sunset and start again?