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Debt Write off, Essay Example

Pages: 1

Words: 343

Essay

Two Brothers acted in good faith in writing off debts of the two private schools The Learning Place and Academy of Basic Education after establishing the financial position of both schools had deteriorated to a point that they could not settle the debts. Two Brothers, being a book publishing company of significantly small size operates to make profits and accumulate funds to run its operations. Therefore, it is imperative to appreciate the fact that with the souring financial situation of the clients, the operations of the book publishing company are likely to come to a halt. After discovering that The Learning Place had received a large endowment and a government grant, Two Brothers was confident that this institution was in a position to continue trading and acquiring its services and products which would benefit Two Brothers in the ling run. It was evident to Two Brothers that, even if they do not reinstate this potential client, then chances were high that The Learning Place would definitely sort the services of another book publishing company and they would consequently loose the revenues from this client. Since Academy of Basic Education had not made any significant development to indicate that their financial position had improved, preferential reinstatement of one client was totally in order. No significant financial gains were foreseeable from Academy of Basic Education in the future.  On making this deduction, it is important to appreciate the fact that the operations of Two Brothers are purely for profit and the potentials for any given client to improve the business of the small book publishing company were highly cherished (Polanyi, 2001). The size of the book publishing company is also relatively small meaning that they could not continue rendering their services to a client whose financial position was in doubt. It is therefore in order to conclude that Two Brothers acted ethically in reinstating the debt of The Learning Place and leaving out the Academy of Basic Education.

Reference

Polanyi, K., (2001). The Great Transformation: The Political & Economic Origins of Our Time.            Boston: Beacon Press.

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