The number of corporate bankruptcies declined in November from a three-month high tallied in the previous month as the economy is on the recovery track, the central bank said Friday.

The number of companies that went belly up totaled 84 in November, down from 101 recorded in October, according to the Bank of Korea.

The number of newly established companies came in at 6,112 last month, down from 6,445 in October.

The default rate of corporate bills ― bonds, checks and promissory notes ― reached 0.12 percent in November, down from 0.22 percent in October.

The BOK said that defaults on corporate bills of STX Group and Tong Yang Group sharply declined in November compared with the previous month.

Five affiliates of Tong Yang Group, South Korea’s 38th-largest conglomerate, have applied for court receivership in late September on liquidity shortages after the group failed to pay back maturing short-term debts. STX Group was put under a debt workout program early this year. (Yonhap News)