At a time when the global economy is in a crisis, many companies are facing challenges in their efforts to maintain the often-desired profit margins while generating enough cash and liquidity for daily operations (Wu, 2004).To be sure, today’s economy has made a number of companies make decisions, such as filing for bankruptcy, to enhance their survival (Charitou & Trigeoris, 2007). Oftentimes, however, it does not always mean that a company that files for bankruptcy is closing its business operations. Instead, it may imply that the organization is restructuring so that it becomes more efficient, market-driven as well as productive (Wu, 2004). Recent research findings reveal that most companies that have been declared bankrupt or are in the process of doing so have had limited opportunities to obtain liquidity for many different reasons. Increasingly, banks that offer short-term financing are balancing issues of reduced capital structure and condensed levels of risks that they are willing to take (Huang, 2003). This reality is particularly challenging for companies with global operations and for organizations that may have their cash balances fragmented across different geographical locations and bank accounts (Charitou & Trigeoris, 2007). This paper scrutinizes the phenomenon of a company’s bankruptcy as an emergent and recurrent finance-operation issue. In this regard, the paper presents a viable analysis of the present-day bankruptcy variants in companies based upon a number of accounting and managerial strategies. The paper employs the use of both financial and non-financial (operational) strategies and models as the basis upon which bankruptcy occurs and should be predicted. Operational Performance Measurements and Bankruptcy According to Shumway (2001), the current bankruptcy models tend to focus more on financial data than other managerial indicators. Progressively, however, bankruptcy prediction efforts are being tailored upon both the operational performances and financial measurements of companies (Huang, 2003). While previous research focused more on financial statements, the role played by factors that are measured on the basis of non-financial factors, in determining a company’s future performance and the probability of it filing for bankruptcy, cannot be overturned (Shumway (2001). In many ways, the often ignored variables have become relevant in measuring the operational risks and bankruptcy potentials of companies. Because of this, various models that focus on both financial and non-financial factors have been developed to determine how and when a company is likely to become bankrupt. In one study, Leach and Newson (2007) report that the probability of a company’s growth, when evaluated on the basis of customers’ needs and market penetration indicators, becomes a major factor in its financial successes or bankruptcy in the long run. In other words, the variations in a company’s market and financial potential are the functions of higher leverage and growth patterns (Shumway, 2001). Moreover, customer performance measures are among the major variants of financial success or failure. A company that reduces its workforce is often associated with ‘‘co