VIC Shareholders Controlling Interest in a Company?

[Shinzlet]

We own 15% of a company. One of the company directors has a 25% share of the company and his son owns a 5% share of the company. The director with 25% is currently unwell and it appears within the next 12 months will be deceased. Lawyers have advised a 30% share of the company is controlling interest in the business.

Two questions:

1. Is 30% controlling interest in the business? Is it dependent on the type of business corporation?
2. Could other shareholders i.e. us with 15% and another holder with 25% amalgamate their interest to 40% and therefore have controlling interest? i.e. create a company together.

Any help is highly appreciated.

 

[Rob Legat - SBPL]

Generally, any company is similar - if you control over 50% of the shares, you have a controlling interest. It relies on the ability to be able to control the outcome of voting on general motions. You don't have a controlling interest at 30% if the other 70% vote against you.