Mitchell: McCanns move funds from Madeleine Fund to another account.

[Alice Purjorick]

Surely once money is donated to the fund it should remain as fund property, or can people who have donated ask for their money back?

Once funds are in a limited company's bank account it belongs to the limited company, which is a legal person.

[Brietta]

Surely once money is donated to the fund it should remain as fund property, or can people who have donated ask for their money back?

Wonder what Mr Amaral will do with the money donated to him?

If he proceeds with his action against Madeleine's parents we are probably going to learn more about his financial situation than we do of our own ... so no doubt all will be revealed in the fullness of time.

[pegasus]

It could equally mean that family money e.g, an inheritance, which may have otherwise been put into the FMF, can be used in future for any type of searching not deemed appropriate by the Fund.

The number one objective of the existing fund is to find the child.
What kind of searching do you think might require a separate fund Misty?

[jassi]

It wasn't donated to him - it went to a fund for his legal expenses. I imagine he might request  some of it to be used to sue the McCanns.

[ChloeR]

Wonder what Mr Amaral will do with the money donated to him?

If he proceeds with his action against Madeleine's parents we are probably going to learn more about his financial situation than we do of our own ... so no doubt all will be revealed in the fullness of time.

Amarals fund was for his legal expenses in the libel case wasn't it?

As such as the McCanns (from what I gather) are paying HIS costs in the case..the money is not technically Amarals. Or if I have this right it isn't. As such I would expect it may be donated to some kind of charity or something. IMO it would be wrong to now use said money to pursue a new legal case against the McCanns.

[misty]

Once funds are in a limited company's bank account it belongs to the limited company, which is a legal person.

What happens to the existing money in the Fund if the company is wound up? They probably have few creditors & stranger donations were gifts?

[jassi]

What happens to the existing money in the Fund if the company is wound up? They probably have few creditors & stranger donations were gifts?

Good question - donation to a child charity perhaps?

[misty]

"kept some money back from the Find Madeleine Fund" implies a fund completely seperate from the MF

Does "kept back from" mean the same as "removed from"?

[Alice Purjorick]

It is bloody weird that every time the limited company is mentioned, by return of post there is a "what abaht Amaral's fund then". But the discussion was about the limited company............... &%+((£
Press this button here and that motor over there will fire up 

[jassi]

It is bloody weird that every time the limited company is mentioned, by return of post there is a "what abaht Amaral's fund then". But the discussion was about the limited company............... &%+((£
Press this button here and that motor over there will fire up 

They can't help themselves, it's part of the script.

[misty]

The number one objective of the existing fund is to find the child.
What kind of searching do you think might require a separate fund Misty?

The sort that requires cash-in-hand, Pegasus.

[Alice Purjorick]

What happens to the existing money in the Fund if the company is wound up? They probably have few creditors & stranger donations were gifts?

That is covered in the articles of association.
Winding up
2F. If any property remains after the Foundation has been wound up or dissolved and the debts and liabilities have been satisfied it may not be paid to or distributed among the members of the Foundation, but must be given to some other institution or institutions with similar objects. The institution or institutions to benefit shall be chosen by the Directors at or before the time of winding up or dissolution.

[slartibartfast]

That is covered in the articles of association.
Winding up
2F. If any property remains after the Foundation has been wound up or dissolved and the debts and liabilities have been satisfied it may not be paid to or distributed among the members of the Foundation, but must be given to some other institution or institutions with similar objects. The institution or institutions to benefit shall be chosen by the Directors at or before the time of winding up or dissolution.

Someone could set up an institution and the money transferred.

[Alice Purjorick]

Someone could set up an institution and the money transferred.

True 

I wonder about this:
"The Fund" paid the legal fees to date on the basis that the publication of the book [TOTL] impeded the search.
If the case is finally resolved in favour of Sr Amaral then the justification has vanished. So is it then kosher for two directors to have their legal fees paid for a personal law suit paid from a limited company's funds ?. After all The Fund is not the plaintiff.

[G-Unit]

True 

I wonder about this:
"The Fund" paid the legal fees to date on the basis that the publication of the book [TOTL] impeded the search.
If the case is finally resolved in favour of Sr Amaral then the justification has vanished. So is it then kosher for two directors to have their legal fees paid for a personal law suit paid from a limited company's funds ?. After all The Fund is not the plaintiff.

Perhaps that's why the McCanns keep repeating; 'It was about the effect of the libels on our children and the harm to the search'. The judge didn't see either point as proven but that was still their motivation. That was how they justified using the Fund and to continue using the Fund they have to keep on saying it.