In Salomon v$.$ Salomon & Co$.$ Ltd$,$ a manufacturer of boots and shoes, incorporated the defendant company with registered capital of $40,000$ to take over the business. The law required seven subscribers to the memorandum, and $S,$ his wife and five children subscribed, taking one share each. S then sold his business, valued at over $39,000,$ to the company in return for $20,000$ infuliy paidshares, $10,000$ in cash and $10,000$ in debentures secured on the company's assets. When the company collapsed into insolvent liquidation, the liquidator claimed that $S$ should indemnify the company's creditors.

Did the company have a right of indemnity against $S?$