Section 121: Formal defect not to invalidate proceedings.

(1) No proceedings in bankruptcy shall be invalidated by any formal defect or by any irregularity, unless the Court is of opinion that substantial injustice cannot be remedied by any order of the Court.
(2) No defect or irregularity in the appointment or election of a receiver, trustee or member of a Committee of Inspection shall vitiate any act done by him in good faith.