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 ?
Within subdivision (a), adds inactive lawyers, retired judges, and current or former full-time law professors to the pool of potential emeritus lawyers; requires that emeritus lawyers not be currently engaged in the practice of law, except for authorized house counsel certified by the Supreme Court of Florida under chapter 17; adds the following definitions: "inactive" in subdivision (d), and "active practice of law" in subdivision (e); rule is re-organized.
Brodsky has continuously expanded and re-organized Related's management team to create a platform that is unmatched in the industry and renowned for its commitment to excellence.
As a result, many restaurants re-organized themselves from high-end restaurants to ones catering to middle-class customers and introduced new menus with "half portion, half price" offers.
These alliances were re-organized and expanded as more nations entered the war: Italy, Japan and the United States joined the Allies, and the Ottoman Empire and Bulgaria joined the Central Powers.
He said that between 2,500 to 3,000 military men who support the Houthis surrendered to the tribesmen in Shabwa and handed over their weapons and equipment and are now being re-organized and transferred safely to safe places.
A business could be re-organized as a worker cooperative or it could establish an Employee Stock Ownership Plan (ESOP) that would have the requirement of fully transferring 100 percent of its ownership within a set period of years, yet to be determined in the final rule.
Batista was reportedly miffed with the story line that he did not agree to face Bryan for a second time and instead re-organized Evolution with his buddies Randy Orton and Triple H against Shield.
The Houthis were trying to broaden their sphere of influence as Yemen was being re-organized into six regions under the planned federal system, pushing out from their mountain strong-holds in the far north-west to areas closer to San'a'.
Consistent with my previous work, however, all of these images are "found images." They are not digitally created or re-organized, only enhanced.
In other words, Turkey wants the region to be re-organized and the moral point of the departure of this plan seems to be a criticism of the historic role of the US in the region.
You organized and re-organized your hunting pack until all the whitetail necessities were accounted for.
(Begin Quotes)The United States is concerned that the re-organized first round of the Maldivian presidential election, set for October 19, may now be postponed.