Yes, the board has to demand repayment if the loan is due. Otherwise they might face an argument that they waived immediate repayment. Even if QIN becomes insolvent, that loan will be recovered. But if it's still insolvent after the loan is repaid, FW becomes just another creditor.
I suppose this is what happens when you have a lawyer for a former CEO turned foe and an accountant for a chairman. Maybe it's become an ego game of who can be the bigger smart aleck.
Yes, the board has to demand repayment if the loan is due....
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