Corporate bankruptcy can be understood as a phase-based managerial process in which weak signals, together with the informational noise that obscures them, shape the trajectory of organizational degradation long before the actual collapse occurs. This conclusion emerges from shifting the focus of bankruptcy diagnostics away from traditional accounting and financial reporting toward institutional sensitivity. The concept of the phase dynamics of bankruptcy is synthesized from the phenomenology of the discrepancy between declared and actual practices, the assessment of feedback intensity, and the tonal analysis of a company’s public communications. The aim of this study is to develop a phase model for the early diagnosis of bankruptcy and to determine the threshold of loss of reflexivity, which marks a point of no return for the managerial system. The empirical part of the study includes the reconstruction of pre-crisis bankruptcy profiles of Enron, Long-Term Capital Management, and Barings Bank. Based on qualitative and quantitative analysis of behavioral patterns and public communications using the authors’ original indicators, it was established that a stable simultaneous exceedance of their threshold values is accompanied by the contraction of the “window of opportunity” for decisionmakers and by an acceleration of escalation dynamics. The findings allow a shift in emphasis from reactive to proactive management, thereby reducing the likelihood of an avalanche-like transition to the irreversible phase of crisis.