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154. Liability for Contracts

(1) A receiver is —
(a) personally liable on any contract entered into by him in the performance of his functions (except in so far as the contract otherwise provides) and on any contract of employment adopted by him in the performance of those functions; and
(b) entitled in respect of that liability to an indemnity out of the assets.
(2) For the purposes of subsection (1), the receiver is not to be taken to have adopted a contract of employment by reason of anything done or omitted to be done within fourteen (14) days after his appointment.
(3) Subsection (1) does not limit any right to indemnity which the receiver would have apart from that subsection, nor limit the receiver's liability on contracts entered into without authority, nor confer any right to indemnity in respect of that liability.