To think this company director is trying to pull a fast one

[Directorshifty]

This company is England based, employs 60 people and is currently solvent, has 2 directors, one holding 75%, the other 25%.
Despite being solvent, a downward trend has prompted the Director with the largest share (and full decision making authority) to decide to close the business, and a redundancy consultation period started last week.
Over the weekend said director has transferred a seven figure sum from the company accounts into his own current account, and when questioned about it stated that "he wants to have full transparency during the consultation meetings, but having such a large amount in the accounts may lead non accountancy staff to believe there is no reason for the business to be closed". He also stated that he will transfer it back at the end of the redundancy consultation.

AIBU to believe that he is trying to take what he sees as 'his cut' before the redundancies have been paid out? And if he is, is there anything that can be done about it?

Directors of Limited Companies can't just transfer money from the company to themselves regardless of share ownership. The money belongs to the company. With that said, like everything else in this free-for all shithole of corruption, crime and zero enforcement, getting anyone to do anything about it will be challenging. The only people who will come knocking are HMRC if they aren't paid, and they will take their time.

I'm no company lawyer, but as I understand it he's making a Directors loan, which is legit, but would need to be paid back.

Obviously the timing is a little suspect, have you had a look at the accounts on Companies house, or can find someone to go through them with you, it might be "insightful" ....

Fair point - I had forgotten about director's loans. Due to the value of it it will be considered a benefit in kind and should be declared on his personal tax return, even if repaid.
Government guidance suggests he should seek the approval of other shareholders too.
So it may be legit.

Yes, at the moment he has added it to his directors loan account, which now stands at £2.9m overdrawn, and he has made no repayment to his DLA for over 2 years. We are struggling because multiple people agree that it looks dubious, but at the same time appears to be lawful.