Partners liability for bounced cheques issued by the director

I am a 49% shareholder in a 10-year-old LLC Company. We have a separate Managing Director that has no shareholding in the company.

I was out of the country for an extended period of 5+ months and recently returned to the UAE. 2 weeks after my return, I discovered that salaries had not been paid to staff for the month of July.

I queried the Managing Director who was away on annual leave at the time. He told me the company was expecting money in.

I then checked with the accountant who told me the company financials were in a dire situation and updated me on receivables and payables. The Managing Director then proceeded to serve 4 weeks notice to resign.

After this, I discovered that several company cheques that he had written to suppliers had bounced and were in fact PDC's, some of which had been issued several months ago.

My questions are:

1. What recourse do we have against the MD for these liabilities?

2. What would be our best course of action to minimize shareholder liability?