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Section B–TWO questions ONLY to be attempted

4 During the global economic recession that began in mid 2008,many companies found it diffi cult to gain enough credit in the form of short-term loans from their banks and other lenders.In some cases,this caused working capital problems as short-term cash fl ow defi cits could not be funded.

Ultra-Uber Limited(UU),a large manufacturer based in an economically depressed region,had traditionally operated a voluntary supplier payment policy in which it was announced that all trade payables would be paid at or before 20 days and there would be no late payment.This was operated despite the normal payment terms being 30 days.The company gave the reason for this as 'a desire to publicly demonstrate our social responsibility and support our valued suppliers,most of whom,like UU,also provide employment in this region'.In the 20 years the policy had been in place,the UU website proudly boasted that it had never been broken.Brian Mills,the chief executive often mentioned this as the basis of the company's social responsibility.'Rather than trying to delay our payments to suppliers,'he often said,'we support them and their cash flow.It's the right thing to do.'Most of the other directors,however,especially the fi nance director,think that the voluntary supplier payment policy is a mistake.Some say that it is a means of Brian Mills exercising his own ethical beliefs in a way that is not supported by others at UU Limited.

When UU itself came under severe cash flow pressure in the summer of 2009 as a result of its bank's failure to extend credit,the fi nance director told Brian Mills that UU's liquidity problems would be greatly relieved if they took an average of 30 rather than the 20 days to pay suppliers.