Abstract This review article attempts to analyze the main scope and limitations of predictive models in the analysis of business failure and its potential utility for the Colombian case. For this first part of the analysis of the overall business failure concept used in the studies, identifying terminological heterogeneity that ultimately determine the scope and validity of the research, second, a review of the main models predictive of business failure situation, focusing on the limitations and scope that arise in the process is the methodology and sample selection, variable selection or financial ratios to feed the model. Finally, a review of the use of this model in Colombia, and the possibility application in the country is going to be presented.