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 ?
The Leak Search and Corrosion sections took copies of a consolidated database during a re-organization and began separate maintenance functions about common data.
Sweeping re-organizations and broad-based training programs are often implemented not in response to a rational approach to something new in the acquisition process but because we do not pay attention to the incremental nature of change.
"From a phone standpoint, office re-organizations take about 75% less time, not to mention the ability for employees to take their office phones to a conference room on a day-to-day basis.
* The plague century -- a series of public health shocks, springing from both bioterrorism and natural plagues, pushing health care institutions into unforeseeable new alliances and re-organizations
Budget cutting, cost reduction initiatives, facility consolidations and re-organizations continue to pervade the industry."
These re-organizations will lead to large cost saving in logistics of purchased raw material and product shipment.
Even as an organization's planning skills mature, we find that successful roadmapping leaders quickly move into new jobs, while acquisitions and re-organizations force a steady stream of fresh starts.
There has been a fierce round of buyouts and consolidations among the classroom-and-facilities scheduling vendors--and still other instances of company name changes or re-organizations. To wit: Series25, now marketed by CollegeNET (www.corp.
In cases where the changing states of the environment are slow and where re-organizations of companies are rare, the environment is coarse-grained (Hannan and Freeman 1989: Chapt.