The article is devoted to the analysis of problematic aspects of the implementation of the powers of the bankruptcy trustee (administrator) in the framework of the consolidated bankruptcy of business groups. Based on the analysis of Spanish and German insolvency legislation, the author identifies three models that determine the procedure for exercising the powers of the administrator: traditional (multiple), unitary and mixed. Each of the models is evaluated in terms of procedural effectiveness, protection of creditors' rights, and the possibility of preserving the group's economic integrity. Special emphasis is placed on the analysis of the mixed model and contractual coordination mechanisms between managers (acuerdos de cooperación, Kooperationsvereinbarungen), which seem to be the most flexible tool requiring strict judicial control