(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.
