It would be classed as a debt, it is a debt payable to the company, from the individual who called down the loan.
These loans, have particular tax rules associated with them, and then if the tax is not paid, then the debt would move to HMRC in addition to the company being owed the capital back.
If the directors try to pull a fast one and lcose the company down, then the directors loan, and the HMRC debt becomes an asset of the company, that you personally 'could' be held liable for against your creditors, HMRC.
It is unlikley thtat it would be an issue with the police, however, if the assets are jointly owned, and the trustee in bankrupcy goes after these assets, then under the code of ethics, DH, should, advise his employer of the situation. Although, very very unlikley to have any impact.