When directory listing style in FTP site configuration within Microsoft IIS FTP server is set to MS-DOS style mdm.FTP object does not lists content of directories and files.
If the same site is configured to list directories in UNIX style mdm.FTP object returns correct results from directory/file listings.

To repeat issue:
#1
download provided sample
#2
open and build "ConnectToMicrosoft" project. It will use mdm.FTP object to connect to ftp.microsoft.com using anonymous connection. The Microsoft is hosted on IIS and is configured to use MS-DOS listing (as default option on MS IIS services)

Expected results:
- once run application should list content of "/" directory for anonymous user similar to below list of folders:
bussys
deskapps
developr
KBHelp
MISC
MISC1
peropsys
Products
PSS
ResKit
Services
Softlib

Actual results:
- application does not list available folders and files providing empty results [.]

The same code used to connect to anonymous Apple FTP site (ftp.apple.com) lists correct results.

Work around:
- configure your FTP site on Microsoft IIS to use UNIX folder listing