Section 93, The Banking Act, 2019

(1) Where a receiver has taken possession of a bank inreceivership - (a) any term, statutory, contractual or otherwise on the expiration of which a claim or right of the bank would expire or be extinguished, shall be suspended; (b) the calculation of interests and penalties or obligations against the bank shall be Effects of 102 103 suspended and no other charge or liability shall accrue on the obligations of the bank; (c) all legal proceedings against the bank are stayed and the exercise of any right on the assets of the bank shall be suspended; (d) no right of a third party can be exerted over assets during the liquidation and no creditor may attach, sell or take possession of any assets of the bank as a means of enforcing his claim or initiate or continue any legal proceeding to recover the debt or perfect security interests.