In this March 16, 2020 photo, pedestrians wearing protective masks walk past shuttered retail spaces displaying property advertisements on Hollywood Road, in Central, Hong Kong. (PAUL YEUNG / BLOOMBERG)

Hong Kong bankruptcy filings surged to a 17-year high after the coronavirus pandemic pushed an economy already reeling from months of protests deeper into recession.

Petitions for bankruptcy jumped to 2,079 last month, the most since May 2003, according to statistics posted on the Official Receiver’s Office website.

The COVID-19 crisis has put pressure on corporate borrowers around the world, many of which have been forced to seek protection from creditors as unprecedented lockdowns crimp revenue. Hong Kong’s economy contracted by a record 8.9 percent in the first quarter from the year before. Chief Executive Carrie Lam has said that the fallout from the virus and a resurgence of anti-government protests will hobble businesses for the foreseeable future. 

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Companies and investors are now monitoring for any signs that recent easing of pandemic-related restrictions may help some financially stretched borrowers. The government raised the limit on public gatherings from eight people to 50 this week as the pandemic is largely contained, and there have been some indications of improvement for retailers and other sectors recently.