The impact of investments and changes in the production regime on the results of creditworthiness assessment and bankruptcy prediction models: Case study: Company Bulgari Filati d.o.o.

Although they can be a subject of criticism and have been challenged from its beginnings, bankruptcy prediction models have often been used in practice for more than four decades. The following models for predicting bankruptcy are applied in this issue: Altman's Z'-Score, Zmijewski model, Taffler's model and Sandin and Porporato model. Out of the creditworthiness assessment models (solvency analysis), the following models have been applied: Z''-Score (Altman, Hartzell and Peck) and the BEX model. A significant shortcoming of the observed models is their failure to take investment into account. Beside, some models have inadequately assessed the transition of operations to lohn production, while others have not.