Defination of associate company

A company is associated with another company at a particular time if, at that time or at any other time within the preceding 12 months: one company has control of the other, or both companies are under the control of the same person or group of persons. So, two companies are associated when the same person or group of persons can control both, either personally, or via their interests in other corporate shareholders. Control is determined according to any of the following tests: % share ownership Voting power Any rights Entitlement to assets on winding up (loan creditors).