Surely there's a possibility of him (and the other directors) being done for fraudulent and / or wrongful trading i.e. basically they knew the company was insolvent and the creditors wouldn't be paid.
What Psycrow said is nearly correct although as I understand it to be effectively 'banned' from being a director of a company for the five years mentioned you have to be "done" for either of the above.
People have mentioned before about Lowe et al basically just starting up the same company again under a different name, theoretically they will be banned from being a director should they attempt to do so: A 'phoenix' company' is one which carries on the same business as an old business, often on the same premises, but leaving behind the creditors of the old company. The Company Directors Disqualification Act 1986 says a big no no to this!