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 ?
70/2012 regarding the re-organizing of the Ministry of Transport shall be replaced with the following text and the rest of clauses in the paragraph re-numbered accordingly:
Changing the management mentality of the Ministry of Education, Research, Youth, and Sports with a view of a real re-organizing and reforming of the whole educational system.
Hourani added that the 2nd phase includes re-organizing al-Sharia knot with SYP 48 million cost and the 3rd phase includes implementation of an arch bridge on the knot to connect al-Salamiya road with a cost of SYP 353 million.
The recently introduced appointment booking system has significantly reduced the crowds and wait time, and we are now able to improve the services we offer patients at the Women Hospital by re-organizing the Outpatient.
The various options for re-organizing the Bulgarian missions abroad include shifting responsibilities to other EU member states and to honorary consuls; concentrating Bulgarian diplomats in several regional embassies, not unlike the UK; or taking after Sweden's example of having a special ambassador to each country who only travels to the respective nation on ad hoc basis.
I hope Liam Fox has the stomach to force this change because, without it, re-organizing the MoD will have little effect.
After several years of hearing how other states are re-organizing nursing education, we are delighted to be at the table helping to bring New Mexico into the 21st century for nursing education.
Furthermore, many have gone through several rounds of cutting the organization, which may have included downsizing the sales force, delayering management levels and re-organizing along business unit lines.
We're not just re-organizing," points out Nicolosi, "we're facing a cultural transformation, too.
The main objectives set in this context consist in promoting pre-school programmes , re-organizing school time and increasing kindergartens as well as improving indicators relating to mother and child health and reinforcing ties with the new expatriate generations.
The members said they plan to activate their role in re-organizing the FPM from a "family-run" party into a "real" party.
Project establishes a new campus nexus for Parsons The New School for Design by uniting and comprehensively re-organizing the street level spaces of the school's four buildings.