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.

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)

References in periodicals archive ?
Addressing the "error" from those contributions given by De Lemos (2003) allows the observer to go beyond the so-called reorganizational error and face data that can cause some oddness to the researcher.
'Pinagawa naman kami nun at pinagsubmit naman kami, as far as management is concern, to prepare and submit reorganizational plan,' she said.
(iii) Reorganizational differentiation: when an agent faces an unfamiliar environment that existing mental spaces do not cover, a new mental space emerges in the agent's mental world to generate a story for interacting that environment.
10 and 24, March 10 and 24, April 7 and 28, May 6, and a reorganizational meeting after the May elections on May 12 at 5:30 p.m., before the May town meeting.
Several publishers have been working with their local Guilds to craft clever reorganizational strategies to stave off further layoffs and outsourcing, which is catching the interest of other publishers, according to Melissa Nelson, TNG-CWA director of collective bargaining.
Psychosocial rehabilitation is an approach that arises from new reorganizational proposals for psychiatric care following the movement of the psychiatric reform that took place both worldwide and in Brazil.
CPY is now the official new name of what was Big Brothers Big Sisters, and the renamed agency's mentorship programs are on temporary hold until the reorganizational dust clears.
Earlier this year, the firm said it would eliminate 200 full-time positions in a cost savings and reorganizational move that would save $20 million to $25 million in the second quarter of this year and provide annualized savings of $25 million to $30 million.
(26) During the long-term reorganizational phase, the victim may decide to make a major change in her life.
reorganizational (explicit [right arrow] explicit; combination takes place).
proposal and he may resubmit his request for reorganizational authority
During reorganizational efforts of the early 1990s, which affected both width and depth, the Air Force completely eliminated the air-division level between NAFs and wings, thereby reducing the organization from nine to eight levels.