In time period from 1991 to 2008 there are registered 11 896 insolvency cases of Latvian enterprises. Insolvency cases have increased in time period from 1996 to 2003 and once more from 2006. There have been developed many models in world that have worked very successfully in different countries. But financial crisis in world and special economic situation in Latvia and may be in all Baltic countries ask for creating appropriate model working in our countries. Therefore we present studies of empirical application of known models for data available in Latvia. Based on balance sheet information found in Latvian Entrepreneurship register for 1272 enterprises possibility of using 10 very well known models (E.Altman Z, E.Altman Z` un E.Altman Z``, M.Zmijewski, Lis, R.Taffler/ H.Tisshaw, G.Springate, Irkutsk, G.Savicka) and one of the Latvian model which are adopted Altman model by R. Šorin and I. Voronova are investigated. Additionally authors using univariate analysis and correlation matrix have found that instead of 34 quantitative financial ratios it is enough with three ones and using Binary Logistic Regression analysis have worked out model for solvency analysis of Latvian enterprises.