Share application money and salary claim did not sustain winding-up relief once the liabilities were treated as satisfied.

Share application money paid voluntarily for purchase of shares was treated as equity contribution, not as a deposit carrying interest. Because the company returned that money during the pendency of the winding-up petition, no subsisting debt remained on that ground. The separate salary claim of the ex-accountant was also treated as satisfied after the company assured payment within one week. On these facts, the petition disclosed no continuing creditor claim or other basis for winding up, and no interest was payable on the returned share application money.

---

---

Issues: Whether a creditor's winding-up petition was maintainable against the company on the basis of returned share application money and an alleged salary claim, and whether any interest or winding-up relief could be granted.

Analysis: The amounts paid by the petitioners were treated as share application money paid voluntarily for purchase of shares and not as deposits carrying interest. The company returned the share application money during the pendency of the petition, and the demand for its return had been made only shortly before payment. The salary claim of the ex-accountant was also satisfied on the company's assurance that it would be paid within one week. On these facts, no subsisting debt or ground for winding up remained.

Conclusion: The company was not liable to pay interest on the returned share application money, the salary claim stood satisfied, and no case for winding up was made out.

---