Insolvency estate (massa insolvente)
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The massa insolvente is the set of assets belonging to someone declared insolvent, which is used to pay the creditors.
Unless otherwise provided, the massa insolvente covers all the debtor's assets on the date is declared, together with assets and rights acquired while the proceedings last (CIRE article 46). It is used to pay the creditors, after the estate's own debts (for example, the costs of the proceedings) are paid.
From the declaration of insolvency, the debtor can no longer sell or manage those assets. The does so (CIRE article 81).
As assets are sold, the money is deposited in a bank account in the name of the insolvency estate (CIRE article 167).
Example
Illustrative example: an insolvent company owns a warehouse, two vans and €5,000 in the bank. Together these form the insolvency estate. The warehouse sells at auction for €300,000; the buyer pays the estate, represented by the administrator, not the company's former managers.
In practice, at an auction
In listings of insolvency properties, the seller often appears as 'Massa Insolvente de…' followed by the debtor's name. This means the sale takes place in insolvency proceedings and the conditions are those of that sale's terms, set by the administrator under CIRE article 164.
Payments are made to the order of the insolvency estate, never directly to the debtor. Confirm the account and payment method with the insolvency administrator, and be wary of requests to pay into accounts held by individuals.