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Since 2013, the number of bankruptcy and reorganization cases in China has been running at a high level, and more than half of the companies have been restructured in DIP mode. Butbankruptcy law only use article seventy-three to regulate DIP mode, which it is difficult to meet the demand for DIP mode of practice in our country. The in stinct position and responsibilities of manager in DIP mode between the obligor and the administrator lowers the success rate of the reorganization and increases the system operation cost. To the identity the administrator from trusts perspective is conducive to clear the rights and obligations. The closed bankruptcy property in essence is the trust property. In administrator mode, the administrator is the trustee in the trust legal relationship, and creditors is trust beneficiary who enjoys the rights and interests of the trust. However, in the DIP mode, the obligor manages the trust property by himself. Of course, the obligor is the trustee of the bankruptcy property trust and performs the fiduciary duty. When the obligor performs as the trustee, the administrator unloads the administrator to supervision at the same time. The trustee supervisor shall have the right to know the management and disposition of the bankruptcy property, the right to authorize the debtor´s investment plan and the large amount of expenditure outside the predetermined scope, and the right related to litigation. At the same time, the trust supervisor still needs to fulfill the obligations of supervising the trustee according to the trust documents, duty of care, duty of loyalty and obligation of equity. In this way, the manager as the trustee supervisor can help the company to restructure successfully.