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 ?
This release covers the simultaneous dual-band AirPort Extreme and Time Capsule, re-organizes the discussion of how to set up Wireless Distribution System (WDS) in the new and old methods, and has a new take on choosing bands and channels when you can have your cake (5 GHz) and eat it, too (2.4 GHz).
To stop and then to reverse the decline of competitiveness in the manufacturing sector, for a lot of small and medium enterprises (SME), there are some solution at hand which are relatively easy and not expensive: small automation, improving data communication using IT, re-organizes the maintenance department based on the newest concepts of active integration with manufacturing processes and also in management.
Besides analyzing the internal life of the labour movement--its history, strategies and struggles, Dimension has been no less concerned with the plight of unorganized workers, with labour legislation and labour standards and most particularly with how capital organizes and re-organizes the workplace to extract more profit from its workers.