There is ZERO chance of being able to sell on that account again. Many people here have been in the same boat as you - they have not used eBay for some time, have unpaid fees and now want to sell on eBay.
So, they call eBay and the rep tells them that the only account issue is the unpaid fees, so if paid, the account will go back to normal.
HOWEVER - I have never heard of that actually happening. Either the account is only good as a buyer account, is totally blocked, or is initially restored but then blocked several hour later. NOBODY has ever chimed in and said, "yeah, I paid and they gave me the account back".
You also have to look at this from eBay's perspective. Probably 80% of the unpaid fees it writes off are NEVER paid. And they do not know a lot about you. But, they DO know that you had an unpaid bill for 420 GBP which is a decent amount of money. They are likely thinking that you will stick them again down the road, or worse, that they will have to honor buyer protection claims that will never be paid. In other words, they see you as a risk now.
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