297. Liability of receivers, etc
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(1) A receiver of assets of a company appointed under section 287(3) or under the powers contained in any instrument—
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(a) is personally liable on any contract entered into by him or her in the performance of his or her functions, except to the extent that the contract otherwise provides; and
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(b) is entitled in respect of that liability to an indemnity out of the assets of which he or she was appointed to be receiver,
but this subsection does not limit any right to an indemnity that he or she would have, apart from this subsection, or limits his or her liability on contracts entered into without authority, or confers any right to indemnity in respect of that liability.
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(2) When the purported appointment of a receiver out of court is invalid because the charge under which the appointment purported to be made is invalid, or because, in the circumstances of the case, the power of appointment under the charge was not exercisable or not wholly exercisable, the court may, on application being made to it—
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(a) wholly or to such extent as it thinks fit, exempt the receiver from personal liability in respect of anything done or omitted to be done by him or her that, if the appointment had been valid, would have been properly done or omitted to be done; and
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(b) order that the person by whom the purported appointment was made, be personally liable to the extent to which that relief has been granted.
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(3) Subsection (1) applies to a receiver appointed before or after the commencement date, but does not apply to contracts entered into before that date.