(2) Where an adjudication is annulled under this article, all sales and dispositions of property and payment duly made, and all acts therefore done, by the receiver, trustee or other person acting under their authority, or by the Court, shall be valid, but the property of the debtor who was adjudged bankrupt shall vest in such person as the Court may appoint, or in default of any such appointment shall revert to the debtor for all his or her estate or interest therein on such terms and subject to any such conditions, if any, as the Court may declare by order.