An aqueous composition for topical application includes at least 60% w/w of a C1-C4 alkyl lactate ester, at least 1% w/w water, having a pH in the range from 1-6, and an effective amount of at least one physically acceptable antioxidant. A method is provided for the preparation, and the use of the composition for the treatment of fungus infections of nails and/or skin, in particular onychomycosis and tinea pedis, and an applicator device for performing such treatment.