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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
BELOW ARE 5 SIGNS IT MAYBE TIME TO RE-ORG YOUR ORGANIZATION:
It's for sure that the next year's worth of projects were already in the hopper, in some form, before the re-org was announced.
"This particular re-org is a part of a much bigger and broader initiative for DLA Energy personnel that can be summed up as 'EBS Energy Convergence,'" explained Michael Broderick, Director, DLA Energy Business Process Support Directorate.
Old Soldiers never die, they fall back to re-org, ready to fight another day.) - Johny's Family.