Computer technology company Renaissance Corporation is taking legal action against its privately-owned rival Exeed over $400,000 dollars in disputed funds from a sale.
Renaissance settled the sale of its distribution business to Exeed last month, but said that Exceed had withheld several hundred thousand dollars.
In a statement on Wednesday, Renaissance chairman Colin Giffney said the majority of funds were placed in a solicitor's trust account until the matter was resolved.
But he said $400,000 is still in dispute, covering alleged breaches of warranties by Renaissance, sick leave and long service leave, business records and fixed assets.
Mr Giffney said Renaissance has instructed its solicitors to commence legal proceedings against Exeed.
