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 ?
It's re-organized things in my head and it's pushed me to do better.
At Horace Mann in San Jose, a Program Improvement School with 70 percent of its population as English learners, Hispanic and low socioeconomic status, McGinnis and the principal re-organized the school's day based on never-before data analyses.
Rather than the mostly linear model provided on the printed page[2], it offers writing made of parts or pieces that can be manipulated and layered and organized and re-organized according to the reader's interests or needs.
The concept was re-organized in 1994 as the Southeast AgNet and expanded beyond Florida to include a network of radio outlets in Alabama and Georgia.
The user-friendly and re-organized content features of the Web site have been ratcheted up so that IFA members and prospective small-business owners can gain immediate access to material on the state of franchising.
Vanhecke promised that the VB would be re-organized under a different name and continue its activism, with only minor alterations of its program.
BEA during its first fiscal quarter re-organized sales to target SMBs, a unit called General Accounts, whilst also taking steps to better tackle vertical markets with applications based on its WebLogic platform.
A nucleus contextual cause is a dynamism which manifests itself at two levels: first is at the social level, which causes certain unrest and stirring within the society as if the whole structure of the society is re-shaping itself and thus every social institution is affected by this dynamism; but most importantly, the political and educational institutions are re-organized as a result of this unrest; second is at the level of learning and it is this dynamism which causes a lively exchange of ideas on scientific and intellectual subjects among the learned of the community.
The INS was recently re-organized into three bureaus under the federal Department of Homeland Security, but department officials in Chicago said no new staff have been hired to handle the extra workload brought on by special registration.
In other news, JPMS re-organized and color-coded the Tea Tree collection into Body, Care and Groom sections, and has extended the collection with Tea Tree Hair and Body moisturizer and Tea Tree Grooming pomade.
Houston, has re-organized part of its recycling division, forming the Recycle America Alliance.
With the addition of Synteko to DCNA, we have re-organized into two profit centers to ensure that we maintain the momentum we've built for our Sikkens brand, while making certain that Synteko receives the attention necessary for its growth," said Theo Bouwens, general manager, DCNA.