Voidable preferences

Voidable preferences We are of the opinion that no obligation arising out of the System Documents , the performance thereof , or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the Participant may be set aside in any such proceedings as a preference , voidable transaction or otherwise under the laws of jurisdiction .

2007O0002 ES 22.11.2010 003.001 62 B 3.4 . Actos perjudiciales rescindibles Opinamos que ninguna obligación nacida de los documentos del sistema , de su aplicación o de su cumplimiento antes de iniciarse procedimientos de insolvencia respecto del participante , puede anularse en un procedi miento de esta clase , con arreglo a las leyes de jurisdicción , en concepto de acto perjudicial , acto de disposición rescindible u otro concepto aná logo .

We are of the opinion that no obligation arising out of the System Documents , the performance thereof , or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the Participant may be set aside in any such proceedings as a preference , voidable transaction or otherwise under the laws of jurisdiction .

In particular , we are of the opinion that the provisions of Article 20 of the Rules establishing the enforceability and irrevocability of payment orders will be valid and enforceable and that a payment order submitted by any participant and processed pursuant to Title IV of the Rules may not be set aside in any Insolvency Proceedings or Proceedings as a preference , voidable transaction or otherwise under the laws of jurisdiction .