(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[, to the extent of any qualifying liability,] 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.
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