The son of disgraced media tycoon Robert Maxwell has avoided being declared bankrupt.

A petition against Kevin Maxwell has officially been withdrawn after the 45-year-old businessman paid off a reported £1m debt.

Kevin Maxwell Creditors Global Investments had sought the payment from Maxwell, who was given 45 days from June 18 to honour the debt.

At Oxford County Court, District Judge Michael Payne accepted Global Investments' solicitor Neville Catton's application to officially withdraw the petition.

Although Mr Catton did not disclose how the debt had been met during the two-minute hearing, it is believed Maxwell -- who lives with his wife Pandora, in a manor house in Moulsford, near Wallingford -- released an asset to pay the amount in full.

Mr Catton refused to comment as he left court.

Twelve years ago Kevin Maxwell was declared the biggest bankrupt in UK history and was made insolvent in 1992 after declaring debts of £400m.

After his father was found drowned off the coast of Tenerife, a £460m black hole was discovered in company pension funds.

Together with his brother Ian, Kevin was cleared of conspiracy to defraud the funds after a 129-day hearing -- the most expensive trial in British legal history.

In 1998 Kevin set up a telecommunications business called Telemonde and was said to be earning £240,000 a year. His family is estimated to have netted between £9m and £16m when the company floated on the Nasdaq stock exchange. He has pledged to compensate the victims of the pensions scandal.