UDTR Global Rights of Nature Radar

KONVERTATSIYA QILINADIGAN QARZ SHARTNOMASINI HUQUQIY TARTIBGA SOLISHNING QIYOSIY-HUQUQIY TAHLILI

Identification

Public canonical key

doi:10.37547/supsci-ojhpl-06-04-01

Authors

Azizbek Rakhmatov

Reported year

2026

Reported language

en

Source type

article

First detected

2026-11-09T19:04:47.752665+00:00

Last metadata observation

2026-11-09T19:04:47.752665+00:00

Last HTTP verification

Not checked

Institutions reported by the source

Tashkent State University of Law

Reported affiliation countries

UZ

Documentary abstract — original language

This article explores the legal nature of the Convertible Loan Agreement (CLA)—an innovative financing tool for startups—and the issues surrounding its implementation into the legislation of Uzbekistan. The primary objective of the study is to elucidate the theoretical and practical aspects of this "hybrid" institute, which emerges at the intersection of the law of obligations and corporate law. The article provides a detailed analysis of three fundamental elements that distinguish a CLA from a traditional loan: the conversion trigger, the valuation cap (deferred valuation mechanism), and the investor’s special non-proprietary powers. Interpreting the CLA based on the German legal concept of Gestaltungsrecht (transformative right), the author argues that it should be viewed not as a simple debt, but as an agreement for deferred corporate participation. The study compares the experiences of the United States, the United Kingdom, Germany, and Russia, while also examining critical norms for the startup ecosystem within EU Regulation 2017/1129 and Directive 2017/1132. As a scientific novelty, the article advocates for the introduction of the "Specific Performance" institute to guarantee the execution of CLAs in Uzbekistan’s legal system, emphasizes the importance of the "Most Favored Nation" (MFN) clause, and analyzes corporate restrictions in the assignment of rights process. In conclusion, the author provides specific proposals for improving the Civil Code and corporate legislation of the Republic of Uzbekistan, particularly by recognizing the CLA as a "mixed contract" and reducing bureaucratic barriers in the conversion process.

Identifiers

OPENALEX

W7219621677

DOI

10.37547/supsci-ojhpl-06-04-01

Documentary context

Documentary family

Scholarship

Source-reported types

article

Natural entities mentioned

Ecosystem

Entity mentions are not evidence of legal recognition. Jurisdiction studied is separate from author affiliation country.

Sources

OpenAlex · Record 1 · Record 2

• DOI · https://doi.org/10.37547/supsci-ojhpl-06-04-01
• OpenAlex · https://openalex.org/W7219621677

Documentary status

Relevance pending

Library

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