Contact

Ludwig Smith

Director

Ludwig Smith is a Director in our Corporate & Commercial practice. He advises clients on banking and finance transactions, corporate restructures and tax matters.

+27 (0)11 562 1500
ludwig.smith@cdhlegal.comJohannesburg
Ludwig Smith

About Ludwig

Areas of expertise

Corporate & Commercial Law
Debt Capital Markets
Financial Services

Experience

  • Acted for Old Mutual in their demutualisation.

  • Acted for Steinhoff International Holdings in the issue of Euro denominated convertible bonds (deal value approximately R3 billion).

  • Advised on the formation of the Housing Impact Fund South Africa, a private equity and debt fund with committed capital in excess of R9 billion, and the subsequent restructure of that fund in order to create three separate intermediate holding companies through which its assets are now held.

  • Acted Blue Financial Services in its corporate and debt restructure.

  • Advised the GEPF in connection with the restructure and corporatisation of private equity funds in which it was invested.

Recognition

  • Chambers Global 2024 - 2026 ranked Ludwig as a ‘Senior Statesperson’ for banking & finance.
  • Chambers Global 2012–2023 ranked him in Band 1 for banking & finance and in 2017–2022 he was ranked in Band 3 for tax.
  • The Legal 500 EMEA 2025 recommended him in tax.
  • The Legal 500 EMEA 2020–2025 included Ludwig in the ‘Hall of Fame’ in banking and finance.
  • The Legal 500 EMEA 2017–2019 recommended him as a leading individual for banking & finance, and recommended Ludwig for tax in 2013, 2017–2023. 
  • IFLR1000 2025 recognised Ludwig as a 'market leader' in Banking and Finance.

Credentials

Education

  • B.Com, LLB, University of the Witwatersrand
  • HDip (Company Law)
  • Year of admission: 1982
  • Registered with the Legal Practice Council

LANGUAGES

  • English

News

The legal nature of preference share funding
Banking, Finance & Projects

The legal nature of preference share funding

On 16 August 2025 National Treasury and the South African Revenue Service published a Draft Taxation Laws Amendment Bill (TLAB), which proposed to amend section 8E of the Income Tax...
The end of the road for preference shares as funding instrument?
Corporate & Commercial Law

The end of the road for preference shares as funding instrument?

Preference share funding structures have become increasingly popular in South Africa. A preference share funding structure involves the subscription by a financier for preference shares...
Preference share funding: SARS issues binding private ruling on section 8E and 8EA of the Income Tax Act
Corporate & Commercial Law

Preference share funding: SARS issues binding private ruling on section 8E and 8EA of the Income Tax Act

Before discussing BRP 379, it is worthwhile revisiting section 8E and section 8EA of the Income Tax Act 58 of 1962 (ITA). A thorough discussion of these sections falls outside the...
Contributed Tax Capital and Preference Shares
Corporate & Commercial Law

Contributed Tax Capital and Preference Shares

On 14 January 2022, President Cyril Ramaphosa assented to the Taxation Laws Amendment Bill, B22 of 2021 (TLAB), which introduced a host of amendments to the Income Tax Act 58 of 1962...
Providing security and dispositions without value
Corporate Debt, Turnaround & Restructuring

Providing security and dispositions without value

In terms of section 26 of the Insolvency Act, 1936, a disposition without value may be set aside by a court if certain requirements are met. Section 2 of the Insolvency Act defines...
Amendment and restatement of documents: Considerations for security providers

Amendment and restatement of documents: Considerations for security providers

In funding transactions (whether by means of debt or the issue of preference shares), funders typically require security for the funding provided. This security can take the form of...
Preference share funding: Crossing bright lines
Corporate & Commercial Law

Preference share funding: Crossing bright lines

A typical feature of a preference share funding structure is that the company (Issuer) in which the funder (Funder) will subscribe for preference shares is required to be a ring fenced...
Preference share funding and the potential application of paragraph 43A of the Eighth Schedule of the Income Tax Act
Corporate & Commercial Law

Preference share funding and the potential application of paragraph 43A of the Eighth Schedule of the Income Tax Act

In a preference share funding transaction, the funder subscribes for preference shares in the share capital of a company. In contrast to a loan where interest on a debt facility is...
Indemnities and simulation in the context of preference share funding
Corporate & Commercial Law

Indemnities and simulation in the context of preference share funding

Preference shares serve as a popular funding alternative to debt facilities, given the cost benefit they present to the company issuing the instrument. This arises from the fact that,...
Cliffe Dekker Hofmeyr appoints three directors in its Corporate and Commercial practice

Cliffe Dekker Hofmeyr appoints three directors in its Corporate and Commercial practice

We welcome Sibongile Solombela, Jenni Darling and Ludwig Smith back to the firm as directors in the Corporate and Commercial practice.

All articles by Ludwig
The legal nature of preference share funding
Banking, Finance & Projects

The legal nature of preference share funding

On 16 August 2025 National Treasury and the South African Revenue Service published a Draft Taxation Laws Amendment Bill (TLAB), which proposed to amend section 8E of the Income Tax...
The end of the road for preference shares as funding instrument?
Corporate & Commercial Law

The end of the road for preference shares as funding instrument?

Preference share funding structures have become increasingly popular in South Africa. A preference share funding structure involves the subscription by a financier for preference shares...
Preference share funding: SARS issues binding private ruling on section 8E and 8EA of the Income Tax Act
Corporate & Commercial Law

Preference share funding: SARS issues binding private ruling on section 8E and 8EA of the Income Tax Act

Before discussing BRP 379, it is worthwhile revisiting section 8E and section 8EA of the Income Tax Act 58 of 1962 (ITA). A thorough discussion of these sections falls outside the...
Contributed Tax Capital and Preference Shares
Corporate & Commercial Law

Contributed Tax Capital and Preference Shares

On 14 January 2022, President Cyril Ramaphosa assented to the Taxation Laws Amendment Bill, B22 of 2021 (TLAB), which introduced a host of amendments to the Income Tax Act 58 of 1962...
Providing security and dispositions without value
Corporate Debt, Turnaround & Restructuring

Providing security and dispositions without value

In terms of section 26 of the Insolvency Act, 1936, a disposition without value may be set aside by a court if certain requirements are met. Section 2 of the Insolvency Act defines...
Amendment and restatement of documents: Considerations for security providers

Amendment and restatement of documents: Considerations for security providers

In funding transactions (whether by means of debt or the issue of preference shares), funders typically require security for the funding provided. This security can take the form of...
Preference share funding: Crossing bright lines
Corporate & Commercial Law

Preference share funding: Crossing bright lines

A typical feature of a preference share funding structure is that the company (Issuer) in which the funder (Funder) will subscribe for preference shares is required to be a ring fenced...
Preference share funding and the potential application of paragraph 43A of the Eighth Schedule of the Income Tax Act
Corporate & Commercial Law

Preference share funding and the potential application of paragraph 43A of the Eighth Schedule of the Income Tax Act

In a preference share funding transaction, the funder subscribes for preference shares in the share capital of a company. In contrast to a loan where interest on a debt facility is...
Indemnities and simulation in the context of preference share funding
Corporate & Commercial Law

Indemnities and simulation in the context of preference share funding

Preference shares serve as a popular funding alternative to debt facilities, given the cost benefit they present to the company issuing the instrument. This arises from the fact that,...
Cliffe Dekker Hofmeyr appoints three directors in its Corporate and Commercial practice

Cliffe Dekker Hofmeyr appoints three directors in its Corporate and Commercial practice

We welcome Sibongile Solombela, Jenni Darling and Ludwig Smith back to the firm as directors in the Corporate and Commercial practice.

All articles by Ludwig

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