The urgency of the topic is due to the unstable state of the economic and political situation in Ukraine, as well as the impact of the COVID-19 pandemic, which increases the likelihood of bankruptcy. Bankruptcy - the inability of the debtor recognized by the commercial court to restore its solvency through the reorganization and restructuring procedure and repay the monetary claims of creditors established in the manner prescribed by the Bankruptcy Code of Ukraine other than through the liquidation procedure. The article considers the approaches to the economic essence of bankruptcy from the point of view of domestic scholars and the Bankruptcy Code of Ukraine. The difference between the concepts of bankruptcy and insolvency is established. Methods for predicting and determining the probability of bankruptcy are grouped as follows: 1) expert methods (Argentina method (A-score), or collapse probability estimates; Scone method; ERNST & WHINNEY method; VV Kovalev's method of qualitative analysis); 2) economic and mathematical methods (discriminant analysis; cluster analysis; classification trees; simulation modeling); 3) artificial intelligent systems (diagnostic expert systems; neural network computing systems;) 4) methods of assessing the financial condition (the system of indicators of W. Beaver; the method of diagnosing the bankruptcy of I. Blanc; the method based on the calculation of the financing ratio of illiquid assets; the model of financial equilibrium of the company J. François and I. Roman). The probability of bankruptcy of the enterprise is estimated by means of models of Altman, Taffler, Springgate, Tereshchenko, Matviychuk, two-factor model of an estimation of probability of bankruptcy of the enterprise. The conclusion on the results of the analysis is made. The dynamics of the number of applications in bankruptcy proceedings for the last 10 years is analyzed. Amendments to the bankruptcy legislation in connection with the COVID-19 pandemic have been studied. The indicators of Resolving Insolvency for the last year are considered. Prospects for further research are to outline ways to prevent bankruptcy.