Different economic environments differ in their characteristics; this prevents the usage of
the same bankruptcy prediction models under different conditions. Objectively, the abundance of
bankruptcy prediction models gives rise to the idea that these models are not in compliance with the
changing business conditions in the market and do not meet the increasing complexity of business
tasks. The purpose of this study is to assess the suitability of existing bankruptcy prediction models
and the possibilities to increase the effectiveness of their application. In order to analyze theoretical
aspects of the application of bankruptcy forecasting models and frame the research methodology,
a systemic comparative and logical analysis of the scientific literature and statistical data, graphic
data representation, induction, deduction and abstraction are employed. Results of the analysis
confirm research hypotheses that bankruptcy prediction models based on macroeconomic variables
are effective in identifying the number of corporate bankruptcies in a country and that the application
of the model created on the grounds of macroeconomic indicators together with the traditional
bankruptcy prediction model can improve the reliability of bankruptcy prediction. However, it was
identified that models which are not specially adapted to companies in the construction sector are
also suitable for forecasting their bankruptcies
