The youngest son of the disgraced media tycoon Robert Maxwell has avoided being declared bankrupt for a second time.
Kevin Maxwell who is thought to owe about £3m, reached an agreement with his creditors at Oxford County Court.
The father-of-seven became Britain's biggest bankrupt in 1992 with debts reaching £400m.
Last year he and his family narrowly avoided eviction from their riverside mansion at Moulsford, near Henley-on-Thames, in Oxfordshire.
A repossession order was made in June if they did not pay £2,926,242 to mortgage firm Lexi Holdings PLC.
But on the day the bailiffs were due to move in, Mr Maxwell appeared at Oxford County Court to say that a "white knight" with a Cayman Islands-registered company had come forward to buy the family home.
Mr Maxwell has now reached an Individual Voluntary Agreement (IVA) with his petitioning creditor, whose identity has not been revealed.
IVAs can take a number of forms, including an agreement to pay in instalments, or at a future date, or nominating a third party to help clear the debt.
BBC
