Restructuring roles guide
CRO or restructuring adviser: who does what.
A Chief Restructuring Officer takes operational ownership inside the company, often with a board seat or power of attorney. A restructuring adviser builds the concept and works from the outside, without direct decision-making authority. The two can work together in the same mandate. Which role is missing depends on what the company needs: a concept or someone to execute it.
When each role is needed
Banks want an accountable person
A restructuring concept on its own rarely reassures banks. They want to know who stands behind the delivery. The CRO is that person: a board member or authorised representative who is the fixed point of contact for lenders.
The concept exists, but delivery stalls
An IDW S 6 report sets out measures and a timetable. Who delivers them is a separate question. When management does not have the capacity or the experience for this, a CRO takes over the steering.
Management needs relief
In day-to-day operations, management can rarely drive a restructuring with the focus it needs. As an outside person with no prior history in the company, the CRO brings neutrality and room to act.
Insolvency proceedings or StaRUG framework
When a protective shield procedure is under way or a restructuring plan under StaRUG is being prepared, further role-holders appear: the court-appointed supervisor in self-administration proceedings, the restructuring monitor under StaRUG, the insolvency administrator. The CRO works on the operational side of the company.
Three questions to tell them apart
- 01 · Task
Concept or execution?
The restructuring adviser analyses and writes the concept, for example under IDW S 6. The CRO executes it. In practice, the auditor or adviser produces the report; the CRO works with it and owns the progress.
- 02 · Position
Outside or inside the company?
The adviser stays on the outside: no board seat, no direct decision-making authority, no personal liability as a director. The CRO is inside: decides, signs, and where a board seat is held carries the same duties as any regular managing director.
- 03 · Appointment
Court-appointed or contractual?
The insolvency administrator, the court-appointed supervisor in self-administration proceedings and the restructuring monitor under StaRUG are all appointed by a court. They act in the interest of creditors or the court. The CRO is engaged by the company or its shareholders and acts in their interest.
Sources and context
- Distinction of roles based on Roland Berger, a 2025 study on the chief restructuring officer in restructurings
- 13 years as board member and managing director of Portfolio Consult AG, responsible for all business units
- Banking experience as financial planner and head of a profit centre with lending business at SEB AG in Stuttgart
- More than 150 business plans with three-year financial planning, including preparation for bank meetings
- Consultant listed with BAFA, the German federal office that funds SME consulting (ID 193982)
Frequently asked questions
What does a Chief Restructuring Officer do that an adviser does not?
A Chief Restructuring Officer decides and owns the outcome. With a board seat or power of attorney, the CRO signs contracts, directs measures and stands behind delivery. An adviser recommends and accompanies; the decision stays with the company.
What does an insolvency administrator do?
The insolvency administrator is appointed by the court after formal insolvency proceedings open. They act in the interest of creditors and displace management. The CRO works before or alongside an insolvency process, engaged by the company.
What is the restructuring monitor under StaRUG?
The restructuring monitor is appointed by the restructuring court and carries a supervisory function. The monitor reviews the plan and reports to the court but is not an operational manager. The CRO operates on the company side in the same proceedings.
Do I need a CRO or will an adviser do?
When banks require an accountable person for delivery, or management cannot drive the restructuring alongside daily operations, a CRO is the next step. When a concept is the main gap, start with an adviser. The two options are not mutually exclusive.
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Last updated: 01/11/2026