Since the global financial crisis (GFC) in 2007-08, the debt obligations of non-financial corporates have increased sharply that threatens to undermine wider debt sustainability. The coronavirus pandemic, which has pushed world economy into troubled waters, may lead to further spike in debt levels which may result in a larger financial crisis. According to a UNCTADreport, corporate debt bubble might explode and cause another global financial crisis, especially in the post COVID-19 economy when many companies will face heightened financial stress. It said that the most immediate areas of concern lie in the shadow banking system that had been ignored by the post-2010 financial regulations.