Insolvency places under uncertainty the premise of going concern. Looking on the effects of this state of crisis, we aimed to analyse which symptoms predict this liquidity crisis of the enterprises and to identify which of them are the most representative for the Romanian business environment. To this purpose, we performed a comparative analysis of the relevant financial and nonfinancial data that describes the insolvency risk of twenty companies listed on the Bucharest Stock Exchange's

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... l market during 2009-2013 period. For this research we applied the multiple discriminant analysis, the logistic regression analysis, and the artificial neural networks analysis. The main remarks of our empirical study, similar for all three methods used, revealed that the extended term of payment to the suppliers is the most significant indicator of the risk of entering into the payment incapacity, confirming the Romanian legal definition of insolvency.