Gail Alison Cochrane, the ex-wife of convicted fraudster Gerald Smith and who works part-time at a local GP practice, did not attend the hearing. She has already had £75,000-worth of assets seized from her by the Viscount’s Department.
According to a judgment, the department alleges that she owns further assets including an interest in some Jersey properties as well as items within them. They also allege she holds shares in some companies.
However, the additional disputed assets are currently the subject of ‘highly complex’ High Court proceedings in the UK which involve 47 different parties.
The Royal Court found that by not extending her bankruptcy, it could give her the right to participate in proceedings ‘to the detriment of the creditors’ and their claims. Explaining its decision, a judgment said: ‘An extension of three years would bring the duration of this désastre [bankruptcy] to seven years – a very considerable period – but it needs to be borne in mind that in one way or another Dr Cochrane has involved herself in financial transactions and dealings which have given rise to claims against her of some £305 million and to her involvement in complex proceedings in England, now conducted in her name by the Viscount.’
The judgment continued: ‘The balance of justice came firmly down on the side of granting the extension so that the English proceedings can resolve both what assets will be available to meet the claims of her creditors and effectively adjudicate many of their claims.
‘Such was the complexity of the English proceedings that three years was sensible and fair to allow that process to be completed.’
Dr Cochrane will now remain bankrupt until 24 November 2023.
