The majority of studies on corporate bankruptcy detection are devoted to publicly-traded firms in advanced economies. Literature on bankruptcy prediction for private corporations is generally restricted and that for such corporates in undeveloped markets is even more limited. Existent evidence on privately-owned corporate bankruptcy forecasting is substantially dedicated to advanced countries. Implementing a scoping review structure of Arksey and O’Malley (Int J Law Manag 57:461–485, 2005), this paper carries out a review of literature concerning bankruptcy forecasting for privately-held firms in undeveloped economies. The main emphasis of the scoping review is to examine the reasons and motives for research, emerging trends and research gaps in modelling bankruptcy risk for private corporations in developing countries. The results of this scoping review show that the estimation of bankruptcy probability for privately-traded corporations in developing economies is a relevant discipline that has not been appropriately examined and has some unique and unexplored areas due to its sophistication and distinctive business ethos of private corporates.

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