EN
This article is devoted to the issue of forecasting the bankruptcy risk of the enterprises. In the article author compares the effectiveness of multicriteria early warning system with the traditional discriminant analysis model of forecasting the risks of bankruptcy of companies. In the conducted research author has used data on 185 companies listed on the Warsaw Stock Exchange Market. This population of firms was divided into learning and testing setdata. Each company has been analyzed using the absolute values of 14 financial ratios and the dynamics of change of these ratios. Additionally, author has used the macroeconomic variables in developed multicriteria system. The author's developed models are characterized by high efficiency. These studies are the first attempt to use fuzzy logic to predict the bankruptcy of companies in Poland and one of the first in the world. Obtained results demonstrate the great potential of this method.