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 classic literature ?
At length Mr Snittle Timberry rose in the most approved attitude, with one hand in the breast of his waistcoat and the other on the nearest snuff-box, and having been received with great enthusiasm, proposed, with abundance of quotations, his friend Mr Vincent Crummles: ending a pretty long speech by extending his right hand on one side and his left on the other, and severally calling upon Mr and Mrs Crummles to grasp the same.
But we could not have told what the unfavourable conditions were which checked its increase, whether some one or several contingencies, and at what period of the horse's life, and in what degree, they severally acted.
But of what sort of lives they are severally the imitations I am unable to say.
These two characters are not always received in the world with the different regard which seems severally due to either; and which one would imagine mankind, from self-interest, should show towards them.