Question：Which three of the following statements describe the effect of an administration order?
　　A. The administrator can sell assets which are subject to a fixed or floating charge to raise money for the company.
　　B. A winding up order may not be made.
　　C. The administrator acts as agent for the company as a whole, including the creditors.
　　D. Past transactions of the company may not be challenged.
　　E. No creditor can appoint a receiver.
　　The correct answers are: A winding up order may not be made; No creditor can appoint a receiver; The administrator acts as agent for the company as a whole, including creditors.
　　解析：The effect of an administration order is to protect the company even more, so that no petition may be presented for compulsory liquidation, nor may a creditor appoint a receiver. The administrator becomes an agent for the company, as a whole.
　　The administrator's proposals cannot affect the right of a secured creditor to enforce their security. Funds raised by the sale of secured assets go to to chargeholder not the company.