In the article the author examines the problems of wide application of the bankruptcy formula. For this, many terms have been considered, in particular the definition of financial insolvency, which characterizes the weaknesses of enterprises, namely, those associated with loss of liquidity and operating losses. The results show that Altman's bankruptcy formula is easily applicable in the economic conditions of the Russian Federation and is useful for predicting financial difficulties given the established definition of financial insolvency. Due to the fact that this term combines the factors of liquidity, stability, an important component of the Altman Z-model is the factor of independence, which is aimed at solving the problems that organizations face.