Mention the effects of recognition of foreign main proceedings under the UNCITRAL Model Law.

Once foreign proceeding is recognized which is a foreign main proceeding, the following are the effects: Commencement or continuation of individual actions or individual proceedings concerning the debtor's assets, rights, obligations or liabilities is stayed; Execution against the debtor's assets is stayed; and The right to transfer, encumber or otherwise dispose of any assets of the debtor is suspended. The effects provided by Article 20 are not discretionary in nature. These flow automatically from recognition of the foreign main proceeding. The automatic effects under Article 21 apply only to main proceedings.