Enterprise reorganization is different from bankruptcy. During the reorganization period, upon the debtor's application and the court's approval, the debtor may manage the property by itself under the supervision of the administrator. After the enterprise declares bankruptcy, the property can only be managed by the administrator.
 Legal basis
 Article 2 of the Enterprise Bankruptcy Law Where an enterprise as a legal person is unable to pay off its debts as they fall due, and its assets are insufficient to pay off all its debts or are obviously lacking in solvency, its debts shall be liquidated in accordance with the provisions of this Law. An enterprise as a legal person may reorganize in accordance with the provisions of this Law if it is in any of the circumstances specified in the preceding paragraph or is likely to lose its ability to pay debts. Article 7 The debtor may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation under the circumstances specified in Article 2 of this Law. If the debtor is unable to pay off its due debts, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor. If an enterprise as a legal person has been dissolved but has not been liquidated or has not completed liquidation, and its assets are insufficient to pay off its debts, the person who is legally responsible for liquidation shall apply to the people's court for bankruptcy liquidation.