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 ?
Sydney's day job was working on re-organizing and cleaning closets, so they became places where Sydney and the children could hide and snuggle.
Re-organizing the layout of a home can also help ensure that while stairs are present, they are less essential to the day to day function of the home.
Companies are constantly re-organizing, changing third party suppliers, working with new customers and acquiring and divesting of assets, all while operating in shifting regulatory regimes.
He has organized the main body of his text in nine chapters, devoted to the challenge of rising numbers of minimum income recipients, activation reforms in Bismarckian-type continental welfare systems, the local dimensions of re-organizing minimum income schemes, and other related subjects.
This operation will be followed by re-organizing the army and the developmental efforts in Yemen, he said, thanking the Custodian of the Two Holy Mosques for the support he rendered to Yemen and also offering thanks to all countries participating in the coalition in the military operations.
The agreement deals with improving and rehabilitating Yemeni prisons, updating prisons' law, improving training curriculum associated with prisoners and re-organizing infrastructure of prisons and cells as well as discussing preparatory study to a conference on Yemen's prisoners.
To organize narratives and memories during the interviews, the artist and historian together used a trunk of old photographs, organizing and re-organizing the them according to different categories, in order to access different sides of events and stories.
To address these issues, firms have been re-organizing their corporate structures, re-calibrating their offerings, and bulking up international business development and sales support.
Re-organizing of Iran's Yazd province urban network emphasizing on development rate.
A flurry of documentation, equipping, organizing, and re-organizing took place.
Hala al-Helou, an aide to Social Affairs Minister Rashid Derbas, said if the issue of re-organizing registration was being discussed it was in line with the government's bid to overhaul refugee management altogether.
In 1947, Andreotti was appointed undersecretary to the Prime Minister and was put in charge of re-organizing the film industry.