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This paper highlights the nexus of interactions among financial, industrial and macroeconomic factors determining the Pareto optimal date in which the firm’s claimants stop collaborating and force the firm into bankruptcy. The derived bankruptcy condition summarises the effects of valatility of the aggregate consumer income and the overall price level which affect the firm’s expected earnings, as well as the effects of depreciation, foregone interest on alternative usages of the loan extended to the firm and the level of risk perceived by the firm’s claimants from continued collaboration. The subsequent econometric analysis focuses on the effects of the macroeconomic factors and shows that variations in the GNP and the GNP deflator affect the rate of bankruptcy in the U.S. significantly.