The Lola Formula One team, which withdrew from Formula One after just one race, has gone into liquidation with around $US 10 million in debts.
The two cars, which never raced, are expected to be bought be collectors. No solution was found for 27 of the 28 employees at Lola Formula One's factory.
Jean Alesi was the fastest man on the track with a 1m 18.86s. Heinz-Harald Frentzen was second with a 1m 19.66s.
Giancarlo Fisichella worked on a new electronic differential.
Michael Schumacher used the 046/2 engine and continued to work on the set-up. He drove 65 laps with a best time of 0m 59.60s.
The German commented: "It was a good day of work. I am happy with the new engine even on tracks like this, with so many turns. I am optimistic for the Monaco Grand Prix: we will be very competitive."