The number of corporate bankruptcies increased in March this year compared to the previous month due mainly to a rise in business failures in the service and construction sectors, the central bank said Tuesday.

Seventy-three companies went bankrupt last month, up from the 68 compiled in February, according to the Bank of Korea.

The number of bankruptcies in the service sector rose by three companies on-month to 30 from 27, while the number of bankruptcies among local construction companies increased by five to 16, the central bank said.

Meanwhile, the number of newly established companies came in at 7,195 last month, up 559 from the previous month.

The default rate of corporate bills ― bonds, checks and promissory notes ― stood at 0.13 percent in March to record a slight decline from 0.2 percent in the previous month.

(jylee@heraldcorp.com)