(1) Subject to the provisions of this Act and, in particular, to the functions conferred on an administrator by section 2 of this Act-
(a) an administrator (whether appointed under subsection (2) or (4) of section 2 of this Act) shall as on and from his appointment have all the powers (including the power to sell the real and personal property and things in action of the insurer concerned) that he would have, and there shall apply in relation to him all the statutory provisions that would so apply, if he were a liquidator appointed by the court in respect of the insurer and (in a case where the insurer is not a company) the insurer were a company, and
(b) where an administrator stands appointed (whether under subsection (2) or (4) of section 2 of this Act), the court shall have under this Act all the powers that it would have if it had made a winding up order and appointed a liquidator in respect of the insurer concerned and (in a case where the insurer is not a company) the insurer we
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