A company which is controlled by another company (its holding company). Under section 736 of the Companies Act 1985, whether or not one company is a subsidiary of another depends effectively on whether the other company:
• Holds a majority of the voting rights; or
• Is a member and has the right to appoint or remove a majority of the directors; or
• Controls, alone or with other shareholders or members, a majority of the voting rights at board meetings.
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In the context of finance transactions, and with respect to any person, any company, partnership or limited liability company at least 50% of the outstanding voting stock (or comparable ownership interest) of which is owned, directly or indirectly, by such person or by one or more subsidiaries of such person.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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