Ltd Company owns 25% of a personal property

[CLJN]

Ltd Company owns 25% in a Freehold mortgaged residential property owned by Director/51% Shareholder

I am a 49% Shareholder in a Ltd UK Company (do not agree to be a 49% shareholder).
The entry in Ltd company accounts within Tangible fixed assets reads 'The company owns 25% in a Freehold property owned by NAME, a director of the company.'
The Ltd Company paid the cash deposit and the stamp duty to enable the purchase with the Director taking out a personal residential mortgage for the remainder of the purchase price.
This was before pre 2008 so you can see where I am going with this. The value of the property is now much less and is being Sold. If it is the Director/51% Shareholder's intention not to pay back any of the Ltd Company's 25% of the sale price but instead use these funds to clear his personal mortgage how should this transaction be accounted? Director Loan for him?
The accountant (since 2011) has indicated it will be accounted as a loss?

[bd6759]

If the 25% share has reduced in value, the company will indeed have made a loss.

If the director keeps all of the proceeds, the 25% that belongs to the compnay will need to be accounted for. In the absence of anything to say otherwise, it will be taken to the director's loan account and be an amount owed to the company. The company will need to pay tax of 25% on that amount if it is not repaid within 9 months of the end of the accounting period.