Ok bit of a quiz. When is a fund not a fund, er when it's a company. So when is a company not a company, what makes it not legal. The findmadeliene fund has been described for years as being fraudulent. Many of us feel we were duped into giving, we thought it was a charity, then it was supposed to be for searches, the reality has been nothing like that, so many people cry fraud. I don't know if anyone has been duped by these online offers of free makeup and you only pay postage. I have been sadly bitten by them like many thousands, thought i was only paying £2.99 not really impressed with the product, didn't think about it again until i realised that they had been taking out nearly £100 a month out of my bank account. I have been caught out on a few of those things, my credit card company useless but my own bank quite good and put in a fraud report so that if it was ever paid out again they would refund me. I hadn't read the small print apparently, very cleverly put in mid sentence somewhere that if i didn't return it in 18 days I had to pay £98.00, (it didn't arrive for 18 days), tried complaining to all and sundry but my bank who were the most helpful told me this 'it's not actually illegal, but the way they work is very underhand' So therefore there was very little i could do.
Now lots of people would consider the madeleine fund like this 'it's very underhand'.
But is it legal or illegal?? I don't know about companies and registrations but I have been looking at the articles of incorporation of the findmadeleinefund.
Section 8 about the directors article 8.2 says
'a person cannot hold a position of director if he or she becomes bankrupt or makes any arrangement or composition generally with his or hers creditors'
Now Jon Corner who has been a Director since January 2008 and in fact is chair of the Directors, has had 5 of his companies Dissolved. He has never been declared bankrupt, I can't find him on the list of struck off Directors that prevents you being a Director of any company.
But the articles of incorporation states quite clearly a person cannot hold a director position if 'any arrangement or composition etc' surely you would have to do that to have your companies dissolved?
I don't know enough about company law but I am assuming that whatever is in the agreement or articles that Companies house allowed them to register under is what makes the company legal, I'm hoping there are plenty of you out there with lots of experience and knowledge in this area to be able to clarify:
Is this company trading legally if it has flouted one of its articles of incorportation.
JON ANTHONY CORNER
JON ANTHONY CORNER - free Company director check 906034713
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