(1) The receiver may set aside the following transactions affecting the assets of the bank or specialised deposit-taking institution and recover the assets from the transferee or other beneficiary of the transaction:

(a)  gratuitous transfers to, or to persons related to, affiliates, insiders  or  key  management  personnel  of  the  bank  or specialised deposit-taking institution made within five years

(b) transactions with affiliates,  insiders or key management personnel of the bank or specialised deposit-taking institution conducted within five years before the effective date of the receivership, if detrimental to the interest of depositors

(c) gratuitous transfers to third parties made within three years

(d)  transactions in which the consideration given by the bank or specialised deposit-taking institution considerably exceeded the received consideration, made within three years before

(e)  a transaction based on a forged or fraudulent document that the bank or specialised deposit-taking institution has

(f) any act done with the intention of all the parties involved to withhold assets from the creditors of the bank or specialised deposit-taking institution, or otherwise impair their rights, within five years before the effective date of

(g)  transfers of property of the bank or specialised deposittaking institution to, or for the benefit of, a creditor on account of a debt incurred within one year before the effective date of the receivership which has the effect of increasing the amount that the creditor would receive in a liquidation of the bank or specialised deposit-taking institution,

(h) any attachment or security interest other than an attachment or security interest that existed six months before the effective date of the receivership.

(2) Subsection (1) does not apply to the payment of deposits of an amount equal to or less than

(a) one thousand four hundred and fifty Ghana Cedis in the case of a specialised deposit-taking institution; and

(b) six thousand two hundred and fifty Ghana Cedis in the case of banks for each depositor or for the amounts that may be determined in accordance with die Ghana Deposit Protection Act, 2016 (Act 931).

(3) The receiver shall take action to set aside a transfer under this section within one year after the effective date of the receivership.

(4) Despite subsections (1), (2) and (3), the receiver shall not set aside  a  payment  or  transfer  by  the  bank  or specialised  deposit-taking institution

(a) if the payment or transfer was made in the ordinary course of business,

(b) if the payment or transfer was part of a contemporaneous exchange for reasonably equivalent value, or

(c) to the extent that following the transfer the recipient extended new unsecured credit to the bank or specialised deposit-taking institution  which  had  not  been  satisfied  by  the  bank  or specialised deposit-taking institution as of the effective date of the receivership.

(5) Despite subsections (1) to (4), the receiver shall not set aside a payment or transfer by the bank or specialised deposit-taking institution made pursuant to any power of an official administrator under sections 107 to 122.

(6) The  receiver  may  recover  property  or  the  value  of  property transferred  by  the  bank  or  specialised  deposit-taking  institution  from  a transferee of an initial transferee only if the second transferee did not give fair value for the property and knew or reasonably should have known that the initial transfer could be set aside under this Act.

(7) The receiver may order the notice of an action to set aside a transfer to be recorded in the public records for real estate ownership.

(8) Pursuant to the record of a notice under subsection (7) the right of a person to the property in question or a title to interest in the property is subject to the rights of a bank or specialised deposit-taking institution to recover the property.