QUIZ chief commercial officer Sheraz Ramzan has been banned from being a director of a company in Spain for two years following the fast fashion retailer’s appointment of insolvency practioners to its Spanish arm.
QUIZ placed its physical retail stores division in the UK, Kast Retail Limited, into administration on 10 June to allow for a financial restructure.
On 29 June insolvency practitioners were appointed to Kast Spain and three Spanish stores were closed. Sheraz Ramzan, chief commercial officer of QUIZ, was the sole director of Kast Spain at that time.
Following their appointment, the insolvency practitioner undertook civil court proceedings in Spain in order to examine the events leading up to Kast Spain’s insolvency and to establish whether or not any payments should be made by Kast and/or Sheraz Ramzan for the benefit of Kast Spain or its creditors.
The court ruled that Kast Spain’s insolvency was entered into a timely manner and neither Kast nor Sheraz Ramzan are required to make any payment for the benefit of Kast Spain or its creditors. However the also ruled that Ramzan should be restricted from acting as a director of companies incorporated in Spain for a period of two years.
This move does not affect Ramzan’s ability to act as a director of a UK company and the company said it was considering whether to appeal that aspect of the ruling.