During these last years, the annual flow of failures of companies did not stop growing and this trend becomes more marked during the periods of cri­sis.

The economic bankruptcy is the state which characterizes a company the financial performance of which is lesser than that of his main competi­tors (Ooghe and Van Wymeersch, 1986).

Cata and Zerbib (1979), speaks about the failure of the company by referring to a legal, economic and financial approach. According to these two authors, the legal failure concerns as a rule an action of deposit of the balance sheet bound to a situation of insolvency. The economic failure refers to the absence of profitability and efficiency of the production apparatus. Finally, the financial distress is bound to cash flow problems and of incapacity of refund of the debts. For Derni and Grucifix (1992), the company is threatened from the moment the profitability becomes insuf­ficient because she does not any more allow to pay stockholders’ equity at the current rates on the market. The company finds no more solution to manage its debt, what is translated by incidents of payment (Gresse, 1994). Zopounidis (1995), show that there is no only definition of the failure. It is thus necessary to give a wider definition, in­eluding qualitative variables in the analysis of the financial distress (Sun and Li, 2009). The taking into eonsideration of these qualitative variables in esteemed by the financial variables will offer a more rational and more global frame of analysis for the forecast of the failure.