Bankruptcy forecasting methods are hinged on ratio analysis. Research carried out in Poland indicates that the models constructed in the developed countries do not apply directly to Polish conditions. There exists a need to develop Polish forecasting models which would make use of those ratios that ensure the highest forecast reliability. The paper presents the results of a research of 12 Polish companies under bankruptcy. The objectives of the research were as follows:

• to single out the ratios which ensure the most accurate forecasts;
• to determine the critical forecasting period;
• to establish the critical values for the ratios.