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 ?
The Leak Search and Corrosion sections took copies of a consolidated database during a re-organization and began separate maintenance functions about common data.
After a number of re-organizations, Rockwell became know as Rockwell International in the late 1970's, and they began to concentrate on the aerospace industry.
The Webb management approach included "triad" (the idea that the agency head should have two deputies, one for technical leadership and one for general management), "scouts" to keep tabs on officials in a decentralized agency, formal and informal chains of command, checks and balances within NASA and between NASA and its contractors, participative management, and re-organizations to deal with changing conditions.
For example, when discussing job titles, one focus group member suggested that technical communicators should take advantage of corporate re-organizations to create niches for themselves and change their titles ("it has to have 'engineer' in the title").
The papers by Kevin McNamee and various participants, show with little question, that budget cuts, re-organizations, and re-assignments are leading to fragmentation, understaffing, and stagnation just when there is formal recognition of such natural heritage needs as representativeness, completeness, and ecosystem management.
of unilateral force reductions in Eastern Europe, the Soviet--and now Russian--military has experienced a series of major redeployments, re-organizations, and reductions.
The CCPA must keep close watch on corporate re-organizations and closings, not only for itself, but for the effects it could have on TEAP.
These measures have included continuation of a hiring freeze, the elimination of various positions, and departmental re-organizations.
Continuing OfficeWork Software's commitment to providing innovative technology and easy-to-use, high-quality software at reasonable prices, OrgChart Professional Analytics fits the niche of medium to large-sized companies that require labor-saving and efficient solutions for Succession Planning, Talent Management, and the frequent re-organizations that are so common in today's economy," said Gordon Landies, President of OfficeWork Software.
concept of Health Maintenance Organizations (HMO) as outlined by Enthoven (1985) in the discussions surrounding the re-organizations (Dent 1993).
3 million in savings), and departmental re-organizations.
product and personal aesthetics industry where he has successfully executed corporate re-organizations for many well-known consumer goods companies including Procter & Gamble, Vidal Sassoon and REVLON, INC.