Maxwell avoids second bankruptcy

Kevin Maxwell has 45 days to pay his debt

Robert Maxwell's son Kevin has avoided being declared bankrupt for a second time, after a court hearing.

Mr Maxwell had debt owing to Creditors Global Investments Ltd, which had petitioned to have him declared personally bankrupt.

But a last-minute agreement saw a judge at Oxford County Court give Mr Maxwell 45 days to make a payment.

The court was told that Mr Maxwell, of Moulsford, Oxfordshire, had agreed to release an asset to pay the debt off.

First bankruptcy discharged

District Judge Michael Payne was told by Global Communications Ltd's solicitor Neville Catton that both parties were satisfied with the agreement.

After the hearing, Mr Maxwell said: "This is a matter that relates to company or corporate obligations which I guaranteed.

"The matter has now been sorted out between the companies in a formal way.

"I don't expect to reappear. I'm just glad it has been resolved."

Neither party would disclose the exact size of the debt.

Mr Maxwell, 45, was made insolvent in 1992 after declaring debts of £400m.

His bankruptcy was discharged in 1995.