Liability of the power of attorney holder

I have been appointed as a POA holder on behalf of my boss/owner of my company to act on his behalf.

He told us that he would help us in all financial aid from USA (where he is residing) and we just need to run the operations here in the UAE.

However, it's been quite a while where we have not received any support/financial assistance from him and there are a lot of unpaid bills pending here.

I would like to know if I cancel my POA, can I get away with this mess or will I still be liable to pay and be penalized?