Non-financial signs of distress are softer than financial ones, but can also be important in identifying potential problems with a company. These signs include considering any accounting issues, analyzing and assessing management or company behavior, and looking out for any significant operational disruption.

In terms of accounting issues, the following signs might indicate potential problems for the company, constant restatements or delays in filing financial accounts. This would be concerning as it might indicate that the company's finance function doesn't have control over the company's financial records, or might have something to hide hiding or understating liabilities. This would be very concerning as the company's real leverage might be significantly higher than what is currently presented in the financial statements. This was one of the key problems at Enron, a large American energy company that went into administration in 2001. They made extensive use of special purpose entities to hide debt financing off the company's balance sheets, which disguised its true level of indebtedness.