How to get out of contracts you can no longer afford

The Singapore government is making it easier for smaller companies to extricate themselves from certain contracts in order to survive.

It's already made it easier for companies to wind up operations laid waste by COVID.

The latest initiative is yet to be passed by parliament - here are preliminary details: https://www.mlaw.gov.sg/covid19-relief/re-align-framework#overview

But how do you even go about talking to suppliers about unwinding contracts? What should you do if a supplier asks you for the same leeway?

RIABU's Simon Littlewood and Mark Laudi explain.