Due to the continuing economic slowdown, corporate bankruptcies rose to their highest level in 27 months in April, the Bank of Korea reported yesterday.
The central bank said there were 507 corporate bankruptcies in April, up 111 from March, with bankruptcies reaching 202 and 305 in Seoul and provincial areas, respectively.
The figure was the highest level since hitting 512 in January 2001.
After reaching 418 in December, bankruptcies declined to 411 in January and 384 in February, increasing to 396 in March.
The number of new start-ups in the eight metropolitan cities totalled 3,030, up from 3,007 the previous month.
Consequently, there were 12.6 newly established corporations for each bankrupt corporation in April, compared with 18.8 new corporations per bankruptcy a month earlier.
Source: The Korea Times
