Quiz commercial chief gets directorship ban in Spain
After Quiz Clothing’s exit from Spain, news has emerged that its chief commercial officer Sheraz Ramzan has been banned from acting as a director in the country.
Kast Retail, the company through which its UK standalone stores were operated in Britain and Ireland, went into administration last year. At the same time, it also appointed an insolvency practitioner to oversee the closure of its three Iberian stores that were operated by subsidiary Kast Spain.
A Spanish court has ruled that the subsidiary entered into insolvency in a “timely manner”, and that the company doesn’t have to make any payment for the benefit of Kast Spain or its creditors.
But Ramzan has been banned from acting as a director in the country for two years over his role in the process. He was the sole director of Kast Spain at the time of the insolvency.
The civil court case came about when the local insolvency practitioner launched proceedings to determine whether the UK Kast unit or Ramzan had to make any payments to the Spanish subsidiary or its creditors.
Quiz isn’t expecting to carry out any business in Spain but is considering an appeal against the directorship ban.
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