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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.



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


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 ?
There is a fine line between being proactive versus reactive when it comes to identifying the time for re-organization.
"There is a lot of anguish in Andhra Pradesh in the manner in which this AP Re-organization Bill has been brought to the Cabinet first, and the manner in which it has been proceeded.
TAQA earlier announced two phases of re-organization in the North American oil and gas business.
In a statement, the Ambassadors confirmed that the decrees are consistent with the decree issued by the President concerning military re-organization on December 19, 2012 and with the principles established by the GCC Initiative, which called for the unification of YemenA's armed forces and their re-organization.
| BRUSSELS, Feb 18 (KUNA) -- The EU Foreign Affairs Council on Monday gave the green signal for the launch of the EU mission to support the training and re-organization of the Malian Armed Forces.
Housing projects in Kurdistan halted-official ARBIL/ Aswat al-Iraq: Head of the Investment Commission in Iraqi Kurdistan Heirsh Muharram announced today that the housing projects were put to a halt for re-organization, hoping that the Investment Law will be sent to the Kurdish parliament.
He "ordered a total and comprehensive re-organization of the sporting sector, following the disappointing performance of the Nigerian contingent" at the recently-concluded Summer Olympics in London, Information Minister Labaran Maku said.
James Hospital in Butte on a re-organization of certain areas of the hospital.
The telecommunication industry is regulated by the Pakistan Telecommunication Authority (PTA) an autonomous body established under section 3 of the Pakistan Telecommunication Re-Organization Act, 1996, an Act of the Parliament to regulate the telecommunication industry in Pakistan, including matters relating to protecting consumers' interest, licensing regime, tariff regulation, type approval of equipment and interconnection arrangements.
In a re-organization of duties in the provincial government, Toby Greschner will head the Northern Action Plan.
The necessity of re-organization of the Agri-Food Corporation was discussed at the government session on Friday.Agriculture Minister Mamarsharip Turdukulov talked about made efforts and actions taken to ensure food security.The attendees of the meeting said the Agri-Food Corporation needs to be organized.
Following the re-organization of the Franke Group, Marc Aeschlimann has been appointed CEO of Franke Coffee Systems and a member of the Group Management of the Franke Commercial Systems Group.