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Hello, this is Jim and I’m a dual-qualified lawyer (UK & Republic of Ireland) happy to help you today.
The contract is with the limited company, not the director, unless the director signed a personal guarantee which then makes them personally liable for the loan. As a result, the person is not liable to repay the loan - the only caveat is that if they traded the company knowing it was insolvent, or they are guilty of negligent/fraudulent misrepresentation then they lose protection from the limited company status. Assuming none of the above apply and there is no signed personal guarantee (which is usually in the form of a deed) then no, there is no liability to repay it by the person/director.
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