Round-the-world yachting pioneer Tracy Edwards MBE is facing bankruptcy if she fails to pay back a £110,000 loan within two weeks.
Edwards was made an MBE in 1989
The court order comes days after she finally settled another debt of £500,000 following a lengthy court battle with businessman Andrew Pindar.
The money was borrowed to purchase yacht Maiden II, which she has just sold in order to pay Mr Pindar.
She must find £110,000 by 15 December to keep her house in Berkshire.
The yachtswoman, from Yattendon, was made an MBE in 1989 after skippering the first all-woman crew around the globe.
The money was borrowed in 2002 from her former commercial manager, Mark Wilson.
His lawyer Tim Perry said Mr Wilson was now preparing to go to the High Court to claim an extra £145,000 which he says he is owed in unpaid wages.
Newbury County Court ruled that the repayment of this fee was a "non-try-able issue".
Mr Perry said: "It was a victory and I'm glad for that but the process is not yet complete."
He described how Mr Wilson's loan "propped up" Ms Edwards' Maiden II project at a "critical time".
Mr Perry added: "As is the case with other creditors, money was loaned in good faith, believing it would be repaid when asked. It is never good to have to go to court."
A spokeswoman for Ms Edwards said: "Tracy is delighted with the decision of the court.
"She always maintained that the loans for Maiden II would be repaid when the boat was sold.
"Now it is just a matter of shifting monies in respective accounts."