Paper Title
The Trajectories of The Financial Crisis of Companies at Risk of Bankruptcy

This article concerns the assessment of the trajectory of the collapse of enterprises in Central Europe. The author has developed a model of a Kohonen artificial neural network. This model was used to determine 6 different classes of risk and was allowed to graphically determine the 5- to 10-year trajectory of going bankrupt. The study used data on 140 companies listed on the Warsaw Stock Exchange. This population was divided into learning and testing samples. For each company analyzed, the author has calculated a set of 15 financial ratios for the period of 15 years before the bankruptcy. In the literature, this is one of the first studies on bankruptcy over a long period of time. Index Terms- bankruptcy, the trajectories of the crisis, forecasting.