South Korea's corporate bankruptcies rebounded last month from a record low due to a reduction in policy fund offer, central bank data showed Tuesday.

The number of companies that went belly-up jumped to 89 in April from a record low of 69 in March, according to the Bank of Korea. The March reading was the lowest since the bank began compiling the data in January 1990.

The rebound came as the government reduced its supply of public funds following the Lunar New Year's holiday. The government tended to supply more policy funds during the February-March period related to the holiday.

The number of failure in the construction sector declined by six last month from the prior month, while the reading for the manufacturing industry surged by 21. The service industry failures increased by two last month.

The number of newly established firms increased 22 from a month earlier to 6,376 in April. The ratio of start-ups to company failures was 99.6 last month, down from 119.9 in the prior month.

The default rate on corporate bills, including bonds, checks and promissory notes, came in at 0.14 percent in April, up 0.04 percentage point from the previous month.