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The Debtor Rehabilitation and Bankruptcy Act adopts the DIP system of America, which does not call for appointing a trustee or can stipulate principally to appoint the turnaround debtor as a trustee when needed. A company, however, currently undergoing a turnaround procedure, has already forfeited the stock value whose ownership is of the creditor within the liquidation value range. Hence, it should be uncontested that the creditor within the liquidation value range resolves the governance system. For that point, developed nations reflect the creditor’s opinion during the process of appointing a trustee who is in charge of the management of a turnaround company. In Korea, however, the court exercises plenary powers, and the creditor is left with only the rights to express opinions which are not generally satisfactorily contemplated. Moreover, M&A cannot go without a hitch insofar as a trustee is appointed out of the previous management. M&A must be sought to acquire working capital when a company’s management status seems problematical for a turnaround with only its own profit and when it is necessary for a large scale of investment in plant and equipment or an extensive foundation for marketing. In that case, a trustee must not be appointed from the previous management, but should be an expert on M&A or corporate restructuring. Lastly, a newly-appointed trustee should be a competent person with previous managerial experiences, who can prevail over the limitations of previous managerial skills. Although previous managers earnestly operated the company without any insolvency management, an outside expert should be resolutely appointed as a trustee upon exposing limits on managerial skills. Professional managerial skills should reflect previous managerial experiences and necessitate trusteey attainments, for which a trustee must take into consideration his positive attitude by, for example, completing a related managerial curriculum. Furthermore, for an efficient division of management for a turnaround, a multiple number of trustees can be sought for mutual cooperation and control, but confliction may deteriorate managerial efficiencies or set off a division of the company due to excessive competition and recrimination. Hence, a multiple trustee system can be exceptionally effective in the areas that require professional managerial know-how’s.