Abstract
There is no certainty in market economy that business activity conducted by a company will bring a market success. Therefore, bankruptcies of enterprises phenomenon performs a role of a sort of natural regulator in the economic system, which makes resources to be changed for more useful by disappearance of companies that are not effective and cannot withstand competition. The article presents the characteristics of basic types of bankruptcies but clearly indicates that actually there is no one type of such bankruptcies It means that a typology of bankruptcies takes into account the following division criteria referring to: legal and economic sphere, an entity that can be declared bankrupt, insolvency proceedings and its binding extent, the impact and extent of bankruptcies and how they affect the society, interests of participants in bankruptcy proceedings, the financial aspect, reasons of a crisis in enterprises, a rate of revenue changes in a given industry and others
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