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This is the original version (as it was originally enacted).
(1)The administrative receiver of a company—
(a)is deemed to be the company's agent, unless and until the company goes into liquidation;
(b)is personally liable on any contract entered into by him in the carrying out of his functions (except in so far as the contract otherwise provides) and on any contract of employment adopted by him in the carrying out of those functions; and
(c)is entitled in respect of that liability to an indemnity out of the assets of the company.
(2)For the purposes of subsection (1)(b) the administrative receiver is not to be taken to have adopted a contract of employment by reason of anything done or omitted to be done within 14 days after his appointment.
(3)This section does not limit any right to indemnity which the administrative receiver would have apart from it, nor limit his liability on contracts entered into or adopted without authority, nor confer any right to indemnity in respect of that liability.
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