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 ?
Consultant for the Palestinian president, Hussam Zumlot spoke during the conference, stressing the need for the Palestinians to "re-organize the Palestinian home," adding that the next step would be holding elections for the National Committee, which the youths will take part in.
Europe must re-organize after the Brexit, Ulrike Guerot tells DW.
Our economy is textile based and hence, value addition is imperative to re-organize this sector on modern scientific lines.
USAID team leader also suggested to re-organize DG Health office in terms of strengthening of human resources, technical and logistic support and coordination so that the effacy of service delivery system might be improved.
But how can people transform their circumstances in a way that allows them to re-organize production and, at the same time, fulfill their human potential?
The guidelines will give viable businesses valuable breathing room, allowing them to re-organize and emerge from the process stronger than before, preserving the jobs and rights of their employees.
The question on why Germany provided greater support for the Peshmarga in the fight against ISIS, Barzani said, "The problem is ISIS and that it?s an international organization bringing people from around the world and some of them are German nationals, they did not only come to participate in the war, they are here to learn how to fight and how to recruit others and re-organize. If they return to their homes they will become the biggest problem for their countries.
In November 2007, another Royal Decree was issued to re-organize the Royal Charity Organization, with His Majesty the King as the Honorary President of the organization and His Highness Shaikh Nasser bin Hamad Al Khalifa as the Chairman of the Board of Trustees.
"We were not planning to upgrade the wi-fi at Mill Pond for another two years, so while we're pleased to be receiving the money now, committing the $220,000 in matching funds means we need to strategically re-allocate some of the funds in our proposed FY 16 budget and re-organize some district planning.''
The manifesto also pledges to re-organize the state administration in line of the Tamasec system in Singapore in order to increase efficiency and productivity in the public sector.
"The Houthis are attempting to re-organize things, and bring everything under the supervision of the government," he said.
He called to "find a balance in the security services to represent all Iraqi factions," stressing the need to "re-organize the army and security forces and not to grant the Iraqi security positions by acting, which was the case in the previous Maliki government ./End