TSMP Law Corporation Joint Managing Partner Thio Shen Yi, SC was interviewed by CNA on the record number of bankruptcy applications in Singapore in March 2020. The segment appeared on the 23 April 2020 edition of the channel’s morning news programme, Asia First. TSMP has seen a 25 to 30 per cent increase in enquiries on the Covid-19 temporary measures law, he said.

“They are commercial parties. They either have joint venture agreements, have lent money to the company. Private equity companies that have taken convertible loans. These are the parties that are all now extremely anxious about their ability to recover their investment, or even just to recover part of their loan,” he added.

“The real problem is likely to be seen six months down the road, because you have this period of time where there is no demand. When there is no demand, companies suffer. You get some government support, but your finances are going to get worse and worse every day. Three, four or six months down the road, you are going to be in a weaker position. That is when we will see the impact of Covid, if there is an impact.”