124. Formal defect not to invalidate proceedings

No proceeding in bankruptcy shall be invalidated by any formal defect or by irregularity unless the Court is of opinion that substantial injustice has been caused by the defect or irregularity and that the injustice cannot be remedied by any order of the Court.

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.