The power to appoint a new trustee or new trustees under section twenty-five of the [56 & 57 Vict. c. 53.] Trustee Act, 1893, may, in the case of a deed of arrangement, be exercised either by the High Court or by the court having jurisdiction in bankruptcy in the district in which the debtor resided or carried on business at the date of the execution of the deed, and the provisions of that section shall apply accordingly.