摘要：The failure of a company, whether insolvency or bankruptcy, has been a topic featured bycountless researchers from various fields over time. In an attempt to counteract this negative phenomenonmost of the studies focused on developing bankruptcy prediction models, omitting the actual reasons thatcaused the insolvency.In the present article we will try to determine the main reasons causing insolvency among the largestcompanies in Romania in 2013. In this purpose, we made a Top 10 Romanian companies which becameinsolvent in 2013 taking into consideration the report published by Euler Hermes in 2014 “Economic Outlook.Insolvency World Cup 2014: Who will score fewer insolvencies?”. Subsequently, we examine “The Report onthe causes and circumstances that led to the insolvency of the debtor" for each individual company from theproposed top. After analyzing the reports for all ten companies studied we found that an increasing ofindebtedness and debt collection period, with disinvestment and poor management were the main causes thatled to the insolvency in 2013 of the Romanian companies studied
关键词：insolvency; determinants of bankruptcy; Romania
