Interaction of Capital Disposal and Directors Account

A close company is sold due to the directors retiring and a loss is made. Are the directors' capital losses affected by their own loan accounts with the company which are repaid out of the proceeds?

If, for example, a director which owns 40% of a company invests £50k to set it up and on retirement receives proceeds of £40k (again a 40% share of total). He has a personal capital loss of £10k. If he has a directors loan balance owed to him of say £15k which is met out of the proceeds does this affect the amount of claimable loss or is it ignored for CGT purposes?
Stephen Quay