Chief Restructuring Officer (CRO) in CCAA Proceedings

Summary

This practice note looks at the key roles and responsibilities of a chief restructuring officer (“CRO”) in the management and development of a restructuring process under the Companies’ Creditors Arrangement Act. It identifies the requirements for being a CRO, the role of the CRO in U.S. Chapter 11 bankruptcy proceedings, how a CRO is compensated, and the potential liability of CROs. It also compares the role of the CRO to that of the CCAA monitor and outlines the advantages and disadvantages of appointing a CRO.