How do you deal with violent aggressive child bipolar rages?

What are you suppose to do? How do you react? If they are destructing the entire room, mouthing off, hurting themselves and you and others in the room and attacking you. What is the appropriate way to deal with it. Do you put the child on time out? Do you leave them alone and ignore them and block hits and kicks and scratches? Or do you try to calm them down? Or do you talk to them?