Official data released on Friday showed that the number of bankruptcy petitions in March was at their highest since November last year.

According to the Official Receiver's Office, there were 783 bankruptcy petitions.

That's up nearly 21 percent from February and around 2.8 percent year on year.

The office also received 69 requests to have companies wound up, up around 30 percent from the month before and 41 percent from the same period last year.