Amendment status not verified — confirm the current text below against the official source.
Proceedings on annulment. (1) Where an adjudication is annulled, all sales and dispositions of property and payments duly made, and all acts theretofore done, by the Court or receiver shall be valid; but, subject as aforesaid, the property of the debtor who was adjudged insolvent shall vest in such person as the Court may appoint, or in default of any such appointment shall revert to the debtor to the extent of his right or interest therein on such conditions, if any as the Court may, by order in writing, declare. (2) Notice of every order annulling an adjudication shall be published in the Gazette and in such other manner as may be prescribed. Compositions and Schemes of Arrangement.