// Quiz CCO Sheraz Ramzan is banned by a Spanish court from acting as a director in Spain
// This comes after Quiz’s subsidiary entered into insolvency proceedings in the country
Quiz chief commercial officer Sheraz Ramzan has been banned by the court from acting as a director in Spain after its subsidiary entered into insolvency proceedings in the country.
Kast Retail, which operated the group’s standalone stores in the UK and Ireland, was placed into administration in June last year.
At the time, an insolvency practitioner in Spain was appointed to oversee an insolvency process in relation to Kast Spain, the wholly owned subsidiary of Kast which operated three now-closed standalone Quiz stores in Spain.
The Spanish court has now ruled that Kast Spain’s insolvency was entered into a “timely manner” and it is therefore not required to make any payment for the benefit of Kast Spain or its creditors.
It also said that Ramzan will be unable to act as a director of companies incorporated in Spain for a period of two years for his role in the insolvency.
The decision does not impact his ability to act as a director in the UK or in any country other than Spain.