Ludwig Smith
Ludwig Smith is a Director in our Corporate & Commercial practice. He advises clients on typical banking and finance transactions in which banks make funding available to their clients. Ludwig also advises clients on the formation of investment vehicles and advises banks and mining companies on tax issues.

Credentials
Credentials
Education
- B.Com, LLB, University of the Witwatersrand
- HDip (Company Law)
- Year of admission: 1982
- Registered with the Legal Practice Council
Credentials
Education
- B.Com, LLB, University of the Witwatersrand
- HDip (Company Law)
- Year of admission: 1982
- Registered with the Legal Practice Council
Experience
Old Mutual
Acted for Old Mutual in their demutualisation.
Bond obligation fund
Formed South Africa's first collateralised bond obligation fund (known as Kiwane).
Steinhoff International Holdings
Acted for Steinhoff International Holdings in the issue of Euro denominated convertible bonds (deal value approximately R3 billion).
Blue Financial Services
Restructuring the debt of Blue Financial Services which involved renegotiating the terms of approximately R1,2 billion worth of debt owed by Blue Financial Services to twelve different lenders.
Funding agreements
- RMB and Life Healthcare for funding in excess of R3 billion.
- Standard Bank and Old Mutual Finance for R1 billion.
- Investec and Royal Bafokeng Holdings for preference share funding of R500 million.
Housing Impact Fund South Africa
The formation of the Housing Impact Fund South Africa, a private equity and debt fund, whose committed capital is R9,150 billion.
News

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
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
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
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
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...
Market recognition
Chambers Global ranked Ludwig in Band 1 for Banking and Finance and in Band 3 for Tax.
Legal 500 EMEA 2017-2023 listed Ludwig as a 'leading individual' for banking and finance and recommended him for Tax. In 2013–2015 he was recommended for Banking and Finance, and Tax.
- Who's Who Legal 2017 identified Ludwig as a leading lawyer in Banking: Regulatory.
- Who’s Who Legal 2011 identified Ludwig as a leading lawyer in Banking: Finance and Corporate Tax: Advisory. Ludwig Smith has been named a leading lawyer by Who's Who Legal: Corporate Tax – Advisory for 2017 and 2018.
- Ludwig Smith has been named one of the world’s leading Banking lawyers by Who’s Who Legal: Banking 2018.

Market recognition
Chambers Global ranked Ludwig in Band 1 for Banking and Finance and in Band 3 for Tax.
Legal 500 EMEA 2017-2023 listed Ludwig as a 'leading individual' for banking and finance and recommended him for Tax. In 2013–2015 he was recommended for Banking and Finance, and Tax.
- Who's Who Legal 2017 identified Ludwig as a leading lawyer in Banking: Regulatory.
- Who’s Who Legal 2011 identified Ludwig as a leading lawyer in Banking: Finance and Corporate Tax: Advisory. Ludwig Smith has been named a leading lawyer by Who's Who Legal: Corporate Tax – Advisory for 2017 and 2018.
- Ludwig Smith has been named one of the world’s leading Banking lawyers by Who’s Who Legal: Banking 2018.
Expertise

Corporate & Commercial Law
Our strong legal team is well versed in legislative matters and provides support across all commercial disciplines.

Debt Capital Markets
We support banking groups and international banks on their debt capital markets requirements.

Financial Services
CDH’s lawyers works with clients in financial services to help them achieve their commercial aims.