reorganization

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Reorganization

The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent.

Reorganization is ordinarily accomplished by way of a Judicial Sale of the property of the corporation. The purchasers then often form a new corporation to which substantially all assets of the old are transferred.

Cross-references

Bankruptcy.

reorganization

n. the implementation of a business plan to restructure a corporation, which may include transfers of stock between shareholders of two corporations in a merger. In bankruptcy, a corporation in deep financial trouble may be given time to reorganize while protected from creditors by the bankruptcy court. The theory is that if the business is able to get on its feet the creditors will eventually collect. (See: corporation, merger, bankruptcy)

reorganization

noun alteration, amelioration, betterment, change, conversion, improvement, melioration, overhauling, readjustment, rearrangement, rebuilding, reconstitution, reconstruction, rectification, reformation, rehabilitation, remaking, remodeling, restoration, restructuring, revising, revision, transformation
Associated concepts: bankruptcy, corporate reorganization
See also: development, progress, reclassification, reconversion, rehabilitation, repair, replacement
References in periodicals archive ?
Best has withdrawn the FSR of A- (Excellent) and ICR of "a-" of CGRM (Compagnie Generale de Reassurance de Monte Carlo) (Monaco) and assigned an NR-5 to the FSR and an "nr" to the ICR, as this company was dissolved in 2009 as part of a corporate re-organization.
where he managed Luscar's legal requirements and assisted in the $1 billion dollar IPO and corporate re-organization of Luscar in 2006.
F), announces that it had completed the corporate re-organization and re-structuring of Pearl Asian Mining Philippines by asking the resignations if not termination of eight top management personnel.

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