Doctor who allegedly owes £1.25 billion says she has no money

Monday 20 February 2017

A Jersey based GP who allegedly owes more than £1.25billion, and who previously told the Royal Court she was “a very wealthy woman, with holdings in dozens of companies worldwide”, now says she owns next to nothing.

In November last year the Royal Court declared Jersey resident, Dr Gail Cochrane, and a company she is believed to be the sole shareholder of – Orb ARL – en desastre, but noted they did have, “...assets which could be realised for the benefit of their creditors."

A row has now broken out over the value of Dr Cochrane and Orb’s assets.

Creditors claim they’re owed more than £1.25billion.

Despite Dr Cochrane’s earlier claims of owning property in Poland, London, Birmingham, Majorca, Italy and Canada, and assets of £58m, and allegedly having benefited from a £150m pay out in 2013, she now says she owns very little.

She’s told the court her only assets consist of six pieces of jewellery, two shares in a company known a Bodega Limited and an unknown value in a partnership which the Viscount believes is a share in the medical practice from which she works.

But, the court papers go on to note: “Other items of value currently in her possession, which include a substantial art and wine collection, a rib, several high-value motor vehicles and other chattels are said to be owned by Bodega, of which the 99.9% shareholder is said to be Litigation Capital Funding, a New York based entity believed to be owned by Mr Anthony Smith, the brother of Dr Gerald Smith. Dr Smith is the former husband of Dr Cochrane and has twice been convicted of offences of fraud and served a prison sentence. Dr Smith has advised the Viscount that Orb does not have nor has it ever had any assets.”

The court doesn’t believe this, and has now asked the Viscount, through an agreement with the High Court, to get more information from companies in the UK. The recent Royal Court decision also allows the Viscount to get involved in any court cases in the UK linked to the case. Dr Cochrane and Orb are the subject of five ongoing and vigorously fought legal proceedings in England.

The Royal Court's decision is a landmark one, and is the first time in almost four decades that the Viscount has sought the assistance of the English High Court. Advocate Nicola Roberts from Ogier, acting for the Viscount says: "In the past, the Royal Court has often agreed to allow Jersey insolvent companies to go into administration in the UK - for the first time in decades, the court has instead sought the assistance, of the English High Court to recognise Jersey's Viscount and allow her to administer and exercise her powers in its jurisdiction instead.

"In this instance the court felt it was important that the Island, as a well-respected financial centre, discharge its responsibilities for dealing with the affairs of this Jersey registered company and Jersey resident."