Former Tranmere Rovers boss John Barnes has has a bankruptcy order against him lifted.
It emerged last week that a County Court insolvency order had been made against Barnes just days after he was dismissed from the Merseyside club.
But the former Liverpool and England legend insisted that the affair was due to an "an oversight".
Now it has been confriemd that lawyers acting on his behalf have had the order rescinded while he has been given until 9th November to settle a debt to the Inland Revenue.
Barnes, 45, was in charge at Prenton Park for four months before his exit after just two wins in eleven games. He was said to be earning around £4000 a week while it lasted.
He lives in the Heswall, with his wife Andrea and their two children. In addition, he still provides financial support to his former wife Suzy and their four children.
Barnes returned to the limelight in 2007 when he appeared on BBC favourite Strictly Come Dancing, and is a figurehead for the England 2018 World Cup bid.
He won 79 caps for England, and appeared in two world cups, alongside 316 appearances for Liverpool.
He was declared bankrupt by a judge at Liverpool County Court last week, days after being dismissed as manager of the League One club Tranmere Rovers.
Barnes has hinted at his financial difficulties before, and in an interview earlier this year said: "I don't need a financial adviser because I have no money to invest".
But after word of the bankruptcy emerged Barnes insisted that it was due to a "tax oversight".
it was confirmed today.
On 9th November Barnes will apply for the bankruptcy to be fully discharged - providing the tax arrears have been paid-off and it is thought that a 3rd party has agreed
to meet the debt on his behalf.
Barnes could make a return to football quickly, after it was revealed that he has applied for the job managing the Rwanda national team.
The former Liverpool and Newcastle United winger quit as Jamaica manager to take over at Prenton Park at the start of the current season.
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