Restructuring professionals have been around ever since the first business faltered and skilled experts were tasked with saving it. But the career of chief restructuring officer can be traced to the 1978 Bankruptcy Reform Act (which became known as the Bankruptcy Code). The code created a single uniform method for business reorganizations, which made it easier for companies to file for bankruptcy and reorganize. But CROs do not just take companies through the bankruptcy process. They use a variety of methods to reorganize companies and save them from bankruptcy filings. The need for CROs was fueled by the aforementioned 1978 Bankruptcy Reform Act but also by the increasing complexity of business operations and the growing size of many companies. Additionally, economic recessions in 2001, 2008–09, and 2020 caused economic and operational hardships for many companies—fueling the need for CROs. The Association of Insolvency Accountants (which was founded in 1982 and is now known as the Association of Insolvency and Restructuring Advisors) and the Turnaround Management Association (founded in 1988) were incorporated to represent the professional interests of restructuring professionals.
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