Directors

If a director runs up massive debts in a privatate limited company and the
company winds down, what happens?

Does the director 'get off' if he hasn't done anything dodgy and the
business made loses 'naturally'? (say made 40k profit for 3 years but loses
100k the next)

I take it it won't affect his own personal credit rating and he can set up
other private limited companies (again assuming he hasn't done anything
dodgy.

Lets assume he is the sole owner of the ltd company. What happens to the
debts? Is the business closed down and assets sold off and all other debts
unrecoverable written off?