The many extracts on these pages are from copyright material. They are owned by the reference given or its owner. They are reproduced here for educational purposes and to stimulate public debate about the provision of health and aged care. I consider this to be "fair use" in the common interest. They should not be reproduced for commercial purposes. The material is selective and I have not included denials and explanations. I am not claiming that all of the allegations are true. The intention is to show the general thrust of corporate practices as well as the nature and extent of any allegations made. Because adverse allegations are so common I have assumed for the purpose of these pages that there is some substance to them.

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Introductory page
This corporate web site addresses the issues of corporate health care within a broad framework. A web page describing this broad context should be considered as an introduction to each page on the web site. If you have not yet read it then CLICK HERE to open it in another tab or web page.

Press reports show that following controversy over a number of surgical procedures in the 1980s Dr Ian McGoldrick was no longer registered as a medical practitioner. These reports indicate that this did not stop him from seeing patients. He was associated with two hospital companies during the 1980's that were each briefly the largest in Australia. Press reports were critical of his likely role in both as well as his involvement in other corporate endeavours.

Australian section     

Ian McGoldrick & Companies
(1971 to 2005)


Consolidated Health Care (CHC)
Health and Life Care (HLC)
& many more




In writing about the leaders of health care corporations in the USA I have indicated that after studying a large number of for profit market focused health care companies I have formed the view that the market not only selects for people with particular personal characteristics, but fosters and brings out characteristics that are dormant in many of us. It is my view that these characteristics and the people who harbour them are poorly suited to the health care marketplace, even though they can be very successful there, and become wealthy. As a consequence economic castles have collapsed in scandal. Vulnerable sick citizens have been victims of remarkable exploitative practices both in health care and in aged care. Independent study by others is required to confirm my views.

Whether any Australian health care entrepreneurs fit this mould is a matter of opinion. This web site presents the information I have been able to find about them. The situation is not nearly as bad as in the USA but the potential for problems remains. One way of understanding why this is so, and learning how to insure against it, is to examine the early history of corporate health care in Australia to see what happened differently. Two doctors, Edelsten and McGoldrick have received a great deal of press coverage. Their story covers a large slice of Australian corporate health care history. No history or analysis of the Australian Health System can credibly ignore the companies they operated or the role they played. This is the information I have found about Dr McGoldrick and the companies he was involved in. Edelsten has also received much coverage in the Australian press.


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Ian McGoldrick : An Enigma

In exploring the history of corporate health care in Australia I was fascinated by the press reports about two of the larger companies in the 1980s. These were Consolidated Health Care (CHC), and Life and Health Care (HLC).

Dr. Ian McGoldrick, a plastic surgeon and a gynaecologist has been the subject of a large number of press reports, many of them critical. The articles document a number of law suits and claim that he continued to practice medicine when unregistered. He seems to have had enormous energy and considerable charisma in his business activities, persuading others to join him in his ventures.

McGoldrick's story includes his role as a plastic surgeon and gynaecologist. Press reports indicate that when investigated by the Medical Council he allowed his medical registration to lapse and then spent 20 years attempting to have the council register him again. He appealed their refusals to do so. The reports indicate that he was also found guilty of Medicare fraud.

In my opinion McGoldrick's business dealings as described in the press are as interesting as his medical career. After qualifying in Medicine he rapidly built up Consolidated Health Care (CHC), Australia's largest health care company, one described in the press as having low occupancy and poor profits. McGoldrick sold CHC to another company HLC which the press indicates became bankrupt as a consequence of the losses from CHC.

The reports indicate that McGoldrick was a bankrupt for 6 years, and that during this period he was involved with, and later in conflict with the controversial Geoffrey Edelsten in developing chains of medical clinics. These were owned by the McGoldrick family. Soon after his bankruptcy ended the press reported that he was again caught up in adverse publicity relating to an alleged complex tangle of companies and nonexistent directors. He does not seem to have been cowed by this and in 2004 he emerged as a property owner and developer.

Press reports provide a window into McGoldrick's life.

1988 Background

McGoldrick, a builder who studied at nights to become a doctor, has suffered from some bad publicity over the past two years, attracting headlines about fat-removal operations and abortion claims. At one stage McGoldrick sought help from public relations consultant Martin Dougherty.
Entrepreneur Caught In Hospital Mess Business Review Weekly April 15, 1988

1998 Patients

During that year his insurance company settled "a mountain" of claims by disgruntled patients in out-of-court settlements, Mr McGoldrick said.
The tribunal heard Mr McGoldrick has been diagnosed as a manic depressive suffering from bi-polar disorder.

1998 Unpredictability

The Supreme Court of Victoria heard in 1988 that Mr McGoldrick had threatened a real estate agent with a tomahawk. He was revealed that year to have $60million in debts.
New Bid To Ban Doctor? The Age September 19, 1998

2004 Psychology

Ms Lechner (psychologist appearing for McGoldrick) said McGoldrick had immense drive and energy, that he was a fighter and "a bit of a rebel".

She said she did not believe he had a personality disorder but might have a cyclothymic mood disorder, characterised by elevated mood swings, increased energy, grandiosity and an over-inflated self view. These periods alternate with depression where energy and drive are low.

Ms Lechner said she believed McGoldrick had matured and showed insight and remorse for his actions.
Unregistered doctor treated hundreds, tribunal told The Age December 7, 2004

2004 Dishonesty

"The applicant is willing to go to whatever lengths it is necessary, and carry out whatever deception is necessary, in order to achieve his goal of reregistration," he (review tribunal chief) said.
Doctor fails in licence bid The Age December 15, 2004

2004 Character sketch

Despite his jovial manner, the powerfully built man was under strain, and showing it; his ruddy complexion turning an angry lobster red as the case against him grew more damning; his massive builder's hands and wrists falling out of his suit, at odds with his quiet voice and soft, grey pinstripe.
But the self-styled entrepreneur has survived worse in a career punctuated by bankruptcy, criminal and civil convictions, coronial inquiries, xxxxxxxxxxxxxxxxxxxxxx, performing abortions on under-age schoolgirls, being shunned by the medical fraternity and a tidal wave of negligence suits and legal action.

For sheer drama, McGoldrick's story is hard to beat.
Part of the answer may lie in his admission to the tribunal that back in the '60s he was diagnosed with a mood disorder that witnesses said left him with tremendous reserves of energy, supreme self-belief, a lack of insight and a feeling of invincibility.

Through it all, McGoldrick has always maintained that he is "a good doctor". He blamed greedy and litigious patients. He blamed envious medical colleagues and he blamed the media for a conspiracy he believed was orchestrated against him. He blamed everyone but himself.
Doctor in trouble The Age December 17, 2004

McGoldrick's background and associations may well throw some light on the pressures that formed him.


2004 Looking back - the social context

In a conservative town where old-boy, public-school ties dominate the medical fraternity, McGoldrick - the son of a Melbourne builder who worked as a welder and matriculated at night school - was an outsider.

Former colleague Chris Atkins, now a country GP and lawyer, says: "Ian is incredibly bright and very charismatic. He was pretty much always controversial, even at medical school. Ian was flamboyant and he certainly wasn't establishment."
"One of the things that upset his senior colleagues was the fact that Ian used to drive around in a Bentley when most of the senior blokes in the profession were driving around in their Holdens and their Fords."
Looking back at the extraordinary roller-coaster ride of his life, how do you understand the conundrum that is Ian
Doctor in trouble The Age December 17, 2004

1998 Early success

Mr McGoldrick was registered as a medical practitioner in December 1971. Within a decade he had established Victoria's biggest private hospital empire, but went bankrupt.
New Bid To Ban Doctor? The Age September 19, 1998


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Consolidated Health Care (CHC)

McGoldrick built up a large group of hospitals and nursing homes under the name Consolidated Health Care (CHC). The reports suggest that he persuaded others to back him financially. The reports indicate that he established a network of indebted companies which funded his empire. This was later described as a group of hospitals and nursing homes with low occupancy and poor profitability. His personal debts the press claims were $60 million. When he later entered bankruptcy the company was found to have almost no assets.

2004 Review of CHC's rise and fall

Like the entrepreneurial high fliers of the '80s, the young medical graduate looked around at his industry and saw that there was money to be made. Big money. And not just by the usual routes of consultancies, medical appointments and salary packages, but by owning the facilities.

With a tight-knit circle of family members he began buying nursing homes a year after graduating from Monash University in 1971. Within a decade, he was the country's biggest private hospital owner with 45 private hospitals, nursing homes, clinics and 10,000 employees across four states and Papua New Guinea that was worth about $180 million. He had an estimated personal fortune of $45 million. And he was just 38 years old.

Entrepreneurial medicine was new to Melbourne and colleagues eyed McGoldrick's aggressive business style and new-found interest in cosmetic surgery and weight-reduction patients uneasily.

"He was very unMelbourne," Atkins says. "There was a lot of sniping and the establishment did its best to shut him out.
But by then it was the '80s, a heady era of financial optimism where a property boom and dizzy interest rates of 18 per cent arrived on the heels of the longest bull market of the century. The stockmarket was at record highs and banks were lending heavily. Gold fever was in the air and everybody, it seemed, was making money.
McGoldrick knew the value of operating outside the media spotlight, quietly amassing an empire of private hospitals and nursing homes. He didn't mind borrowing big and expanding quickly, branching out into laundry, catering and pathology services - all servicing his own facilities. By the mid '80s, cosmetic surgery and the new procedure of liposuction were becoming lucrative. And there was an endless supply of women who were desperate to be "transformed".
McGoldrick then filed for bankruptcy, announcing that his $180 million Consolidated Healthcare Group had collapsed and was $60 million in debt.

Auditors sifting through the company found it was just a business name. The $180 million in assets were owned by a maze of 70 companies enmeshed in mortgages, trusts and leases. McGoldrick swapped his Rolls Royce - seized by creditors - for a Commodore, telling debtors that he didn't have a cent.
Doctor in trouble The Age December 17, 2004


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The Sale of Consolidated Health Care (CHC)

According to the press McGoldrick put CHC up for sale in 1987, securing a positive review of the business by Price Waterhouse. It was later alleged that Price Waterhouse’s review was based on information supplied by McGoldrick and not on their own examination of the business. The reports show that Price Waterhouse were sued for their misleading report by the liquidators of Health and Life Care, which bought CHC from McGoldrick. I do not know the outcome.

Hospitals of Australia (HOA) was interested but reports indicate that after an investigation of CHC, HOA reduced its offer from $110 million to $93 million. McGoldrick rejected the offer and persuaded recently listed Health and Life Care (HLC) to buy the business for $118 million. HLC had recently listed on the share market and were perhaps over-enthusiastic and gullible.

The reports indicate that HLC did not have the capital for this purchase. If they had used shares to purchase the hospitals then McGoldrick would have had a 59% controlling holding in HLC which the press suggests they did not want. McGoldrick lent James Kellie, HLC’s founder and chairman $25 million to buy a larger holding. This was to be paid back in stages. McGoldrick still had a substantial holding.

1987 Sells to HLC

Dr. Ian McGoldrick surprised a private investment trust yesterday by announcing that he had sold his 21 private hospitals to an Adelaide-based company for $118 million.
DOCTOR SELLS OFF HIS CHAIN OF 21 HOSPITALS Sydney Morning Herald March 24, 1987

1987 HOA had reservations about CHC

Mr Grant Smith, general manager of APA Oceanic Funds Management Ltd, said two months of intensive checks by the company's accountants, Arthur Young & Co, had found that the $110 million valuation placed originally (by its company HOA) on CHC could not be justified.
"We had also stressed throughout our talks that we would not allow any involvement in the future management, policy or control of hospitals by Dr. McGoldrick," Mr Smith said
Some 21.4 million shares (45 per cent of the issue) will be purchased by Mr Jim Kellie, the managing director and major shareholder in HLC, leaving Dr. McGoldrick's group with a minority interest.
Health And Life Care Acquires CHC Assets Australian Financial Review March 24, 1987

1987 Concern about CHC's facilities

"The group (HOA) can now pick and choose higher quality acquisitions rather than being lumped with some possibly more marginal assets which were part of the (Consolidated Health) group," he said.
Hospitals Of Australia Back On The Road To Recovery Australian Financial Review June 12, 1987

1987 Sale to HLC finalised

Health and Life Care Ltd finalised its purchase of Consolidated Health Care Group in March with the final settlement yesterday giving it ownership of another 21 hospitals with a further 780 beds.
HLC Ties Up 21-hospital Deal For $57m Australian Financial Review June 19, 1987


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The Health and Life Care (HLC) Story

The HLC story, as told in the press, is a story of conflict and legal battles between aggressive entrepreneurs. Those of us reading these reports can only ponder how a health service that our community had developed to alleviate the illnesses and suffering of vulnerable citizens was caught up in and dominated by all this. It had nothing to do with their welfare and everything to do with the drive and egos of the contestants in the marketplace. It was, in my view, a pointer to the way health care was going in Australia.

HLC was founded by James Kellie in the 1970s and had operated as a private company for 14 years when it was caught up in the corporate enthusiasm of the mid 1980s. It was eager to expand and listed on the share market in 1986 to raise capital for this.

HLC immediately embarked on a rapid mostly debt funded expansion program to buy and build new hospitals.

In 1987 HLC grabbed CHC’s 21 hospitals making HLC for a while Australia’s largest private hospital operator.

At this time US hospitals owned by dubious companies like American Medical International and National Medical Enterprises in Singapore were making record profits from wealthy Asians and insured travelers. Moran Health had decided to compete by building a medical palace on the Gold Coast and HLC did the same in Darwin. Neither succeeded and the Americans went home after their infamous business practices were exposed. In 1987 the state owned South Australian government's Insurance Commission took a 9% stake in HLC to facilitate the project in Darwin.

1986 HLC background

When Health and Life Care Ltd, an Adelaide business specialising in health and retirement, released its prospectus seeking $6 million on Tuesday it was swamped by investors and closed the prospectus within hours of opening.
The company will have paid-up capital of $16.22 million, of which 63 per cent will be in the hands of the existing shareholders of the 14-year-old company.

The largest shareholder, on 37 per cent, will be James and Lynette Nominees Pty Ltd, a company associated with the founder and managing director of Health and Life Care, Mr James Kellie.
Health and Life Care operates in the Adelaide metropolitan area and already has two private hospitals, two nursing homes and one retirement village, valued at a total of $18.1 million.

It has plans under way for another private hospital, another retirement village and medical centre and a third nursing home, the total cost of which is likely to be $3.4 million.
Shares In SA Health Group Snapped Up Australian Financial Review July 10, 1986

1987 Expansion

South Australian-based Health and Life Care Ltd has announced another major project, an $11 million private psychiatric hospital for Adelaide.
The company recently won a contract to build and operate the first private hospital in the Northern Territory and a 170-bed surgical/medical hospital is being built at Morphett Vale in South Australia.
$11m For Private Hospital Australian Financial Review January 12, 1987

1987 Buying CHC

Health and Life Care recently paid an effective $151,000 per bed for the 780 beds involved in its acquisition of the 21 hospitals of Consolidated Health, formerly owned by the controversial Victorian surgeon, Dr. McGoldrick and presumably of varying quality.
Health Incorporated Australian Financial Review August 3, 1987

1987 The CHC deal

- - - the Adelaide-based Health & Life Care Ltd bought McGoldrick's gross assets for $118 million, which after liabilities, meant a net acquisition of $57.2 million. - - - - - Jim Kellie, Health & Life's managing director, will lift his stake in the company to 40 by taking the remaining McGoldrick shares, bought by a private $25 million loan from the vendor. One condition of the deal was that McGoldrick have no board representation. He is looking for new investments. Minimum estimated net worth: $45 million.
Rich 200: Achievement And Money Business Review Weekly August 14, 1987

1987 State government funds Darwin Private Hospital

The South Australian State Government Insurance Commission has spent $7.2 million taking a 9 per cent stake in Adelaide-based Health and Life Care Ltd
The $7.2 million will be used to complete construction of HLC's $25 million Darwin Private Hospital - the first private hospital in the Northern Territory.

It is planned that the Darwin hospital will compete with US hospitals for surgery on patients from South-East Asia.
SGIC Takes $7.2m Stake In NT's First Private Hospital Australian Financial Review August 19, 1987

1987 The Darwin Private Hospital

A South Australian listed hospital operator, Health and Life Care Ltd, will lease a substantial part of the Royal Darwin Hospital in a deal which could be duplicated elsewhere in Australia.
The lease expires in late 1988 when Health and Life Care's new 120-bed hospital, the Darwin Private Hospital Pty Ltd, is completed on the site adjacent to the Royal Darwin Hospital.
SA OPERATOR BUYS INTO DARWIN HOSPITAL Australian Financial Review November 19, 1987

1989 Overview

Formed in 1984 to buy the businesses and properties of Mr Kellie and associates, Health and Life Care raised $6 million in a public subscription in June 1986 and embarked on an ambitious acquisition programme which saw it become the largest listed health care group in Australia.
HEALTH AND LIFE SHARE DEAL Australian Financial Review May 4, 1989


The press reports suggest that CHC proved to be a poisoned chalice and that HLC was soon losing money from unprofitable hospitals. It was unable to meet its debt payments. CHC’s debtors, the reports indicate came after HLC looking for payment. Kellie resigned as chairman and the general manager of the company left.

1988 Losses and debtors

Health and Life Care Ltd reported an operating loss of $148,000 before extraordinaries for the half year to December 31 as costs of expansion ate up the company's profit.
Health and Life Care has been named as one of four defendants in a legal action brought by the lessors of the medical equipment in the hospitals previously owned by Dr. McGoldrick to recover arrears of lease repayments of more than $300,000.
HOSPITAL SALES TURN GROUP'S LOSS AROUND Australian Financial Review March 14, 1988

1988 HLC in trouble and dispute with McGoldrick commences

HLC managing director Jim Kellie also agreed at the time to buy back half the shares involved for $25 million over four years. This would ensure HLC's existing management retained control of the group. If the shares are not bought back, McGoldrick's holding would appear to be at least 59%.

The first $9 million payment to the McGoldrick camp, from one of Jim Kellie's companies, is due in June this year.
The McGoldrick family would be paid $57 million in HLC shares, but half of these would be repurchased in instalments. Provided the payments were met, the McGoldrick side agreed to keep its voting rights below 50%.
Fourteen months on, McGoldrick may not be paid out, but he could well gain a majority shareholding in Health and Life Care.

But many of the group's 19 Victorian hospitals are running at occupancy levels far below the national average of about 50%. In fact, some of these establishments, which McGoldrick once described as "not the Regency or Menzies at Rialto", are 80% empty. Staff morale is low and key executives have left. Notable among these are former chairman Walter Stamm and former managing director Keith Smith.
Entrepreneur Caught In Hospital Mess Business Review Weekly April 15, 1988

1992 Settling McGoldrick's debts

Meanwhile, HLC has settled a long-running dispute with the finance subsidiary of NSW-based Manufacturers' Mutual Insurance over $500,000 in lease liabilities inherited in the takeover of Consolidated.
HEALTHIER HLC SEEKING FRESH EQUITY INJECTION Australian Financial Review March 11, 1992

The press indicates that Kellie refused to pay back the $25 million to McGoldrick. They report that HLC took McGoldrick to court claiming in excess of $40 million on the basis that HLC had been deceived by McGoldrick. McGoldrick made a counter claim for over $80 million and ultimately entered bankruptcy. A bitter dispute followed.

1988 HLC sues McGoldrick

Health and Life Care is seeking more than $40 million in damages from Dr. Ian McGoldrick, claiming that the Melbourne medical entrepreneur misrepresented the value of 21 hospitals he sold to HLC last year.
HLC is alleging that CHC made "misrepresentations and mis-statements concerning the profitability of the assets acquired", and also breached the sale agreement.
HLC also is seeking orders restraining Dr. McGoldrick from exercising any alleged rights under the sale agreement.
HLC SEEKS $40M DAMAGES FROM McGoldrick Sydney Morning Herald May 26, 1988

1988 Deteriorating position

It is understood this loan due from Mr Kellie had been assigned to Partnership Pacific to secure other businesses of Dr. McGoldrick.

The HLC share price has since fallen to 50, and it is understood Partnership Pacific has only the 21 million shares, worth $10.5 million, as security on Mr Kellie's $25 million debt.
Price Waterhouse prepared the report to shareholders on the sale of these assets - using information supplied by Dr. McGoldrick.

1988 McGoldrick sues HLC

The owner of hospital operator Consolidated Health Care Group, Dr. Ian McGoldrick, will apply to the Federal Court to require Adelaide-based Health and Life Care Ltd to lodge $83 million worth of security for potential damages payments arising from litigation.
HEALTH GROUP AFTER $83M SECURITY Australian Financial Review June 9, 1988

1988 Sale frozen

HLC was successful in gaining an interim order on May 23, 1988, to freeze the sale agreement.
HLC TO WRITE OFF $40M LOSS Australian Financial Review July 15, 1988

1989 Legal dispute settled

The longstanding legal battle between a Melbourne medical entrepreneur, Mr Ian McGoldrick, and the managing director of Health and Life Care Ltd, Mr Jim Kellie, was settled out of court yesterday with both parties withdrawing all allegations.
Parties to the proceedings would not reveal the financial terms of the settlement, however it is believed that the $26 million owed to Mr McGoldrick by Mr Kellie for the purchase of shares in Health and Life Care will not be paid.
McGoldrick-KELLIE LEGAL JOUST SETTLED OUT OF COURT Australian Financial Review February 7, 1989

The press reports show that the company’s two major shareholders were fighting a bitter battle and the company was paralysed. The Adelaide establishment and the company’s bankers came to the rescue establishing a new board to sort out the mess.

HLC wrote off the $40 million and started selling off its assets to reduce its huge debt.

1988 Banks and local businesses step in

It was a case of too big too quickly for Adelaide-based Health and Life Care, and this week we should know just how it plans to regain some stability.

The Adelaide Establishment, with some encouragement from the banks, has taken control of the company's board and will start with some significant asset sales.
Having no executives on the board is an attempt to stabilise the company, which has two major shareholding blocks: those of Jim Kellie (35 per cent) and Dr. Ian McGoldrick (25 per cent), who are at war.
The SA Brewing clique has taken control, with former chief Jim Glidden as a consultant and Ray Foley (formerly head of Seppelts) to take the role as chief executive today.
IT COULD BE DIRTY WASHING DAY Australian Financial Review June 14, 1988

1988 HLC writes off $40 million

One of Adelaide's largest company's, Health and Life Care Ltd, will write off a loss of $40 million stemming from the purchase of assets from Dr. Ian McGoldrick's Consolidated Health Care as part of a plan to improve its performance.
HLC indicated yesterday that the write-off would be in addition to trading losses incurred because the assets purchased from Consolidated had performed below expectations.
HLC TO WRITE OFF $40M LOSS Australian Financial Review July 15, 1988

1988 Selling assets

HLC has already sold off some psychiatric homes, interests in nursing homes and is negotiating the sale of retirement villages.
HEALTH & LIFE CARE REPORTS LOSS OF $43M Australian Financial Review September 27, 1988

1988 CHC performance dragging HLC down

The major factor in the poor result was the disappointing performance of 21 private hospitals purchased from the Consolidated Health Group in 1987.
SICKNESS CAN PAY WELL Sydney Morning Herald October 5, 1988

1988 Share price down

The problems encountered by Health and Life Care have managed to push the share price down to 25 cents from a high of $1.05.

1988 A corporate mess

Adelaide's biggest corporate problem, Health and Life Care, continues to amaze the market and its shareholders with the number of skeletons in its closet.

The latest escapade, which comes close on the heels of the company's $3.3 million loss, is a decision to call a shareholders meeting to ratify two-year old loans.
Why hadn't shareholders been informed previously?
BOURSE SAUCE : BETTER LATE THAN NEVER Australian Financial Review October 10, 1988

HLC sold all of its South Australian hospitals to the State Government Insurance Commission for $40 million. It sold its new Darwin private hospital and its NSW hospitals. It struggled on into 1993. An attempt by a company called Keygrowth to rescue the company by buying shares at 5 cents was unsuccessful and it entered receivership.

1989 State government rescues HLC

The board of directors of South Australian health care company, Health and Life Care Ltd, has agreed to sell its SA operations to that State's State Government Insurance Commission for $40 million.

HLC has also granted rights to the SGIC and merchant bank, Partnership Pacific Ltd, to acquire its Darwin Hospital.
The former head of the Consolidated Health Care Group, Mr Ian McGoldrick, claims to have 52 per cent of issued capital and will not support the motion unless he is provided with full details of HLC's plans.
If the asset sale goes ahead, the SGIC will acquire five hospitals, a retirement village and a laundry but will retain HLC as the manager of the assets.
HLC SELLS OUT OF SA TO CUT DEBT Australian Financial Review February 20, 1989

1989 It seems McGoldrick tried to buy HLC

Since the end of the half, the company has sold its South Australian assets to the State's insurance commission for $40 million, after an earlier sale to a group headed by medical entrepreneur Ian McGoldrick broke down in litigation.
HEALTH AND LIFE CARE GIVES REASONS FOR LOSSES Australian Financial Review March 15, 1989

1989 Rescue efforts

The emergence of Westpac's wholly-owned merchant banking arm (Partnership Pacific Ltd) as a shareholder follows a series of asset sales by Health and Life Care and loans which are convertible into equity in a subsidiary of the company.
Under the refinancing, the SGIC and Partnership Pacific have advanced $14.3 million to Darwin Private Hospital as a three-year loan which can be converted into shares representing 51 per cent of Darwin Private Hospital.
HEALTH AND LIFE SHARE DEAL Australian Financial Review May 4, 1989

1989 Government and private investors take control

Two financial institutions have taken control of health care operator Health and Life Care Ltd.

Merchant bank Partnership Pacific Ltd has taken up 47 per cent of the issued capital and the State Government Insurance Commission of South Australia has taken almost 13 per cent.

Health and Life Care said in a statement issued yesterday that the shares were taken up "due to the default of" Victorian medical entrepreneur Dr. Ian McGoldrick.
INSTITUTIONS RESCUE HEALTH AND LIFE CARE Australian Financial Review May 5, 1989

1989 Selling more assets

Adelaide-based Health and Life Care Ltd has sold two of its eastern States hospitals for an undisclosed sum and expects settlement on the sale of two more later this month.
The general manager, Mr Len Harper, said HLC also had plans to shut down all unprofitable operations soon.
Before the SA sales, HLC's debt was about $85 million and its interest bill was about $12 million a year.

But HLC still manages the hospitals for the SGIC under a valuable two-year contract.
HLC CUTS MORE DEBT WITH ITS HOSPITAL SALES Australian Financial Review August 4, 1989

1989 Losses

High debt charges have led private hospital operator Health and Life Care Ltd to a pre-tax operating loss of $11.09 million in the year to June 30.
The asset sales would leave HLC with nine hospitals in Victoria, a 51 per cent interest in a Darwin hospital, and reduce debt to between $20 million and $25 million.
POOR RESULT FOR HEALTH, LIFE Australian Financial Review October 2, 1989

1991 Still operating and a profit

The private hospitals group Health and Life Care has made a profit of $964,000 for the June year, following a loss of $26 million previously.
Over the past three years the group has pared itself back from owning 25 hospitals nationwide to only nine today, all in Victoria.
Health Group In Black After Hospital Sales The Age October 1, 1991

1992 HLC still controlled by lending banks

HEALTH and Life Care Ltd suffered a 3 per cent decline in pre-tax earnings for the year to June 30 because of a continued freeze in private hospital benefit payments and substantial cost increases.
HLC has been operating under an interest moratorium with a syndicate of six banks for the past two years after coming close to collapse under debts built up during the takeover of Dr. Ian McGoldrick's Consolidated Health Care in 1988.
BENEFITS FREEZE, COSTS RISE HIT HLC Australian Financial Review September 15, 1992

1992 Keygrowth attempts rescue

Keygrowth has bought an undisclosed number of shares in Hawker Australia Ltd and 19.9 per cent of Health and Life Care Ltd, with an agreement to go to 48 per cent subject to shareholder approval, for a total cost of $622,000.
STRATEGIC EQUITY HAS KEYGROWTH LOCKED UP Australian Financial Review November 24, 1992

1993 Rescue frustrated

While the ASC would make no comment on the matter, sources said the commission had found "deficiencies'' in an information memorandum and independent expert's report prepared for the meeting.

The meeting was requisitioned by a substantial shareholder, Mr Geoff Lord's Keygrowth group, to vote on Keygrowth buying a further 28.4 per cent of the company. Keygrowth already holds 19.9 per cent.
Without Keygrowth's bid, it said, the company's bank moratorium could expire and the company be placed into receivership.
ASC Halts Health Group Meeting The Age January 13, 1993

1993 Receivership

Victoria's third-largest private hospital chain, Health and Life Care, was placed in receivership yesterday after a last-ditch rescue by the former Elders Resources chief Mr Geoff Lord failed.
Lord Fails In Attempt To Save Health Group The Age February 24, 1993

The reports show that the receivers sold the remaining Victorian hospitals to Medical Benefits Fund (MBF) for $13 million. In an attempt to recover more for the creditors they went after Price Waterhouse which had prepared the original report for McGoldrick.

1993 Keygrowth and MBF fight for HLC residue

The battle for control of the private hospital operator Health and Life Care spilled into the courts yesterday when Mr Geoff Lord's Belgravia Group lodged a writ against a rival bidder, Medical Benefits Fund.

The writ seeks a Supreme Court injunction to restrain MBF from going ahead with its takeover offer for Health and Life Care.
Mr Lord launched the takeover offer for Health and Life Care, which has since been placed in receivership, late last year.
Writ Over Health Care Bid The Age March 26, 1993

1993 MBF buys HLC and receivers sue Price Waterhouse

Health and Life Care's (HLC) nine hospitals have been sold to NSW-based Medical Benefits Fund in a deal believed to be worth $13 million.

RECEIVERS of the failed South Australian private hospital company Health and Life Care Ltd have lodged a $105 million writ against the accounting house Price Waterhouse over an experts report prepared in 1987.
The latest claim against Price Waterhouse alleges that the firm failed to exercise "due care and skill" in preparing the report and that it failed to review the books, records and accounting systems of the hospitals as a whole.
HOSPITAL RECEIVERS SUE OVER REPORT Australian Financial Review July 5, 1993


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McGoldrick goes bankrupt

It was reported that soon after the troubles at HLC in 1988 McGoldrick entered bankruptcy. He continued to work for the medical businesses in which the rest of his family were involved. The extent of his involvement in management is unknown.

1988 McGoldrick's debts

Dr. McGoldrick reportedly already owes about $60 million to more than 90 creditors - $23 million of which is owed to Partnership Pacific.

Dr. McGoldrick has apparently placed his personal affairs into the hands of a trustee.
HLC TO WRITE OFF $40M LOSS Australian Financial Review July 15, 1988

1992 Bankruptcy extended

The medical entrepreneur Mr Ian McGoldrick failed yesterday in a Federal Court bid to prevent his bankruptcy being extended until April 1994. Mr McGoldrick, who became a bankrupt in April 1989, was due to have been discharged in April this year, but his period of bankruptcy was extended following an objection from the official trustee. Mr Justice Gray said Mr McGoldrick had not shown grounds for setting aside the trustee's objection to his discharge.
Bankruptcy bid fails The Age October 10, 1992

1997 Bankruptcy overview

Mr McGoldrick was bankrupt from April 1989 until October 1995 after the failure of his private hospital group.
Fraud Squad Acts On McGoldrick Collapse Sunday Age February 2, 1997


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Entrepreneurial Clinics

The papers report that Ian McGoldrick’s family including his parents and two brothers, both doctors were involved in a chain of Medical Clinics. They were associated with the notorious Geoffrey Edelsten. They helped him out when he was in trouble by buying "Superclinics". The reports suggest that these businesses were soon caught up in a bitter personal and legal conflict which had nothing to do with caring for the sick. McGoldrick and his family opened another chain Supercare and this was soon in conflict with Edelsten. The McGoldrick clinics were involved in a scandal when it was alleged that Ian McGoldrick practiced medicine when not registered as a doctor.

2004 Review Edelsten and McGoldrick

Dr. McGoldrick and fellow failed medical entrepreneur Geoffrey Edelsten were involved in a disastrous super clinic venture during the 1980s.
Doctor in hush-hush office deal Australian Financial Review October 7, 2004

1993 Superclinics - Edelsten's legacy and now McGoldrick's Supercare

But while he (Geoffrey Edelsten) appears to be in Melbourne exile, his spirit has never really left the remnants of his Sydney empire, which revolved around a company called Superclinics Australia.

Superclinics is the subject of a protracted tug-of-war as bitter as the stand-off between the Capulets and Montagus. The battle has been fought in various courts over the years and last week was once again before the NSW Supreme Court.

The matter involved the Commonwealth Bank, a group of Melbourne medical entrepreneurs - the McGoldrick family, father Oscar, mother Elsie, and their three sons Ian, Bryan and Peter - Mr Edelsten's former accountant, Bill Widin, and Superclinics managing director, Ian Ridden.
So in 1985, purely as a cash drip, he (Edelsten) sold a major interest in Superclinics to the McGoldrick family of Melbourne for about $1.5 million.

At the time, the McGoldrick's were about to shed their numerous private hospitals and diversify into 24-hour medical centres which they saw as the great coming thing.
The trust had been established to protect and isolate Mr Edelsten's assets from the Australian Taxation Office.
But that is not the end of the affair. The McGoldrick family plans to open two new clinics, called Supercare, near the Superclinics at Baulkham Hills and Frankston.
FALL OUT Australian Financial Review May 27, 1993

1994 The dispute

The festive season is truly over in Frankston where the names of two marvels of medicine, ex-doctors Geoffrey Edelsten and Ian McGoldrick, are figuring in a feverish fight over a new clinic.

The McGoldrick clan's Supercare chain, where Ian McGoldrick works as a "handyman'', wants to open the new clinic at 82 Young Street but claims Edelsten forces have been spreading nasty stories.

The McGoldrick lawyer, Daryl Nolch, has sent letters to prospective objectors warning of legal action if anyone says, writes or implies "anything our client regards as slanderous or libellous''.

One accusation against the McGoldricks is that $60,000 rent was left unpaid when they quit premises in Wells Street, Frankston, four years ago.

This claim is supported by the building's agents, Commercial and Property Services, but denied by Supercare director Bryan McGoldrick, Ian McGoldrick's brother, who told Spy: "Absolutely wrong. We settled directly with the landlord. You're being led up the garden path by Edelsten's cohorts.''
Spy : What's up with the ex-docs?
Sunday Age January 9, 1994

1994 Supercare grows

MORE work ahead for surgically trained handyman Ian McGoldrick, whose family's Supercare medical chain seems to have won its bid to open that clinic in Young Street, Frankston (Spy, 9 January). The council has just rubber-stamped the permit, allowing 21 days for objections (which may be few considering the warning from McGoldrick lawyers that they will sue anyone saying anything "which our client regards as slanderous or libellous''). Meanwhile, fellow ex-medico Geoffrey Edelsten, accused by the McGoldricks of marshalling forces against them in applying for the Young Street clinic, has protested that his hands are clean.
Spy : Pass the paint pot, nurse. Sunday Age February 6, 1994

It is not clear how much of this business was Ian McGoldrick’s. Reports show that he became a bankrupt and was not registered as a medical practitioner for most of the time. They indicate that he claimed that he was working for the family business as a handyman - and later that he worked in administration. The reports indicate that this did not stop him from seeing patients in a professional capacity. He was the reports indicate convicted of practicing as a doctor in the family clinics when he was not registered. His conduct was exposed on television by channel 9 using an actress and a hidden video camera.

1993 The Handyman

Meanwhile it is bib and brace for fellow ex-doc Ian McGoldrick, now claiming to be a "handyman'' with his family's Supercare clinics.
Spy (Lawrence Money) Sunday Age September 12, 1993

1998 and Administrator

Since 1988, Mr McGoldrick has been employed as medical director of Supercare Clinics in Melbourne, but told the Civil and Administrative Tribunal his position was administrative and did not involve providing medical treatment.
The tribunal said it was satisfied that Mr McGoldrick had purported to treat patients on at least six occasions, and that he used prescription pads of other doctors. It found Mr McGoldrick "has at the minimum been cavalier in respect of his obligation not to breach the Medical Practice Act''.
New Bid To Ban Doctor? The Age September 19, 1998

2004 and unregistered practicing Doctor

McGoldrick's bankruptcy lasted six years. He re-emerged as the medical director of the Supercare Family Medical Centres Group, bought in 1985 for $1.5 million from the receivers of failed Sydney medical entrepreneur Geoffrey Edelsten. Supercare quickly established a string of 24-hour clinics across Melbourne and Sydney.

It is at these clinics that McGoldrick admitted to treating up to 300 patients from 1993 to 1995. It is also where a Channel Nine current affairs "sting" occurred in which an actress was secretly filmed being treated and prescribed drugs by McGoldrick using the prescription book of his de facto partner, Dr. Frederique Bentley, who was employed at his clinic.
Doctor in trouble The Age December 17, 2004


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Medicare Fraud

McGoldrick lost his medical registration in 1988 but reports indicate that prior to that he pleaded guilty to Medicare fraud. Further allegations were made in 1990.

1986 Fraud charges

A medical entrepreneur, Dr. Ian McGoldrick, was remanded in the Melbourne City Court yesterday to appear on May 4 next year on 318 fraud charges.
REGULAR SHORTS : 318 fraud charges Sydney Morning Herald November 13, 1986

1998 Review of fraud convictions

About a year earlier (1986), Mr McGoldrick was charged on 31 counts of Medicare fraud, fined $3100 and disqualified from taking part in the Medicare scheme for 12 months.
He was described in a 1990 Sydney court case as a "liar and dishonest'', with a witness telling the court Mr McGoldrick's affairs were notorious in health regulatory circles and that he had sent the Health Insurance Commission more than 500 documents that were believed to be false.
New Bid To Ban Doctor? The Age September 19, 1998


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Fraud and a complex mix of companies

McGoldrick was a businessman and not surprisingly he turned his energies and his talents to other areas in the corporate world. The accounts report that the family companies were linked to health care businesses and the medical clinic businesses. According to the reports it ended with large losses for others including the church.

Fraud investigators, the press indicates, were left trying to disentangle a complex paper trail of linked companies, fake individuals and nefarious activities. I am not going to try to describe it all here. A few samples from the many articles will suffice. McGoldrick was a bankrupt from April 1989 to October 1997, the period when all this was set up.

1997 A tangled web of companies

THE corporate sleuths of Australia's largest finance companies have been left with furrowed brows and their companies out of pocket because of Andrew Scott and Alan Parker.

These two mystery figures - some say they are fictitious - are held responsible for losses to the Uniting Church, AGC, GIO and Orix Finance totalling more than $1 million.

There are those who say the debt could reach more than $2 million when the money trail is fully investigated.

Additionally galling to the paper-chasers is the web of corporate intrigue they have uncovered.

In search of a simple explanation for the failure of a company, Dolphinlight, to meet its payments in June last year, the AGC, GIO and Orix investigators kept running into blind alleys.

The Supreme Court of Victoria has been told of a corporate complex involving bogus directors, false addresses, missing accounts, fraudulent invoices for non-existent medical equipment and questions about the authenticity of companies in the Dolphinlight group.

The documents indicate that investigators were led a merry dance trying to establish the identities of directors and the whereabouts and authenticity of goods supposedly leased by Dolphinlight with up to $600,000 in finance-company money.

They could not find the directors of Dolphinlight, Mr Andrew Campbell Scott and Mr Alan James Parker and they have concluded that Mr Scott is fictitious.
Shown invoiced copies of the equipment serial numbers, Medtel's sales manager, Mr Kevin Potter, told investigators he had not heard of Medical Ultrasonics, Messrs Scott and Palmer, Ms Hammer or Vearvich Pty Ltd.
Frustrated, the investigators met Mr Bryan McGoldrick at Supercare headquarters in Mt Dandenong Road, Croydon. They were taken to a back room. There Mr Cryer told the court he saw several pieces of equipment ". . . which had the serial numbers removed and replaced with Dymo tape containing serial numbers that matched the serial numbers noted on the invoices".

The equipment was seized and shown to Medtel's Mr Potter. He said it did not match goods described on the invoices.
The Supreme Court was told that, in July last year, a McGoldrick company called Supercare Family Medical Centre Group Pty Ltd was appointed mortgagee in possession of Dolphinlight.
Supercare is a company directed by Mr McGoldrick's younger brother, Bryan, who has been a director of 73 companies.

The debenture documents, recorded by the ASC, show Mr Ian McGoldrick signed on behalf of Supercare as its medical director.
Dr. Bhaskar said Nangola bought the Camberwell Hospital but he had to finance Traban to the tune of about $450,000 for the payment of the bed licence. "He took the company from me," he said. "He said he would give me first charge over the company - Traban. Ian McGoldrick, that's right . . . He walked away with $450,000."

Mr Gerry Morrison, a spokesman for the Department of Human Services, said the licence to operate the Camberwell Hospital had been withdrawn after a review conducted between December 1995 and May 1996. Traban did not satisfy Government quality standards for facilities and service.
Great Scott! The Paper Trail To Nowhere Sunday Age February 2, 1997

1997 Gullible losers

THE Uniting Church and three of Australia's biggest finance companies are bracing themselves for losses totalling more than $1 million after the collapse of companies linked to the unregistered doctor and former failed medical entrepreneur, Mr Ian McGoldrick.
Traban is in receivership with debts of more than $600,000 to doctors, nurses, tradespeople and the tax office.
The Uniting Church lent the group more than $1.3 million through solicitors acting for agents of the Dolphinlight group. The church says it was unaware of the involvement of Mr McGoldrick and had received assurances that the identities of people involved with the transaction were genuine.
Fraud Squad Acts On McGoldrick Collapse Sunday Age February 2, 1997

1998 Fraud investigations

He is now the subject of an investigation by Victoria's major fraud squad into the collapse of a series of companies with which he was linked.
New Bid To Ban Doctor? The Age September 19, 1998

2004 The corporate tangle unravels

The Supreme Court heard details of a "corporate complex including bogus directors, false addresses, missing accounts, fraudulent invoices for non-existent medical equipment and questions about the authenticity of companies in the Dolphinlight group."
McGoldrick's company structure - at last count there were at least 56 companies - is a mind-boggling maze of cross-ownership and interests that have confounded investigators, police and creditors for almost two decades.

Members of his family - brothers Peter, Bryan and Ted, his sister Pam O'Connor, his former wife Claire Hemming and their five children, his current partner, GP and psychologist Bentley, and their two children, are all frequent entries in the merry-go-round of company positions.
Doctor in trouble The Age December 17, 2004


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McGoldrick the doctor

The press reports indicate that in the 1980s McGoldrick was involved in a number of controversies. As a plastic surgeon he embraced the new technique of liposuction. The reports indicate that patients claimed that the surgery was botched and that they were disfigured as a consequence. Press reports indicate that four people died although the coroner found that no one was to blame. The deaths occurred during procedures that were purely cosmetic.

The press describe a claim made by a gynaecology patient. She claimed that her life had been ruined by complications following a hysterectomy which she insists she did not need.

The press indicates that his insurers refused to insure him further.


1998 Lawsuits by patients

According to evidence to the tribunal from the medical board registrar, Mr John Smith, the proceedings included 28 County Court actions by former McGoldrick patients variously alleging that he had failed to obtain informed consent to perform liposuction and that he had negligently performed operations upon them and/or provided inadequate post-operative care for them.
New Bid To Ban Doctor? The Age September 19, 1998

2004 Review of negligence cases

He later settled 80 negligence cases out of court and, in 1988, was charged with 500 counts of medifraud, of which he was convicted on 31.
Ex-surgeon admits lying to VCAT The Age December 8, 2004

2004 Review of liposuction complaints

But along with the long line of patients came the complaints: a rumble that eventually became an avalanche.

Then, in 1986, it all came unstuck.

The Medical Board began investigating 14 complaints. Legal firm Galbally and O'Bryan eventually handled 49 malpractice suits, estimating there were 80 cases from liposuction procedures that McGoldrick's patients claimed went badly wrong.

Photos of the damage caused by the surgery showed bodies and skin that no longer looked human. Patients said they had been left with hideously scarred bodies, emotional trauma and, in some cases, endless bouts of corrective surgery and constant pain.

In July, former patient Jennifer Warburton went public. She told the Supreme Court that McGoldrick had promised to give her a body to rival film star Bo Derek, but was left hospitalised for two months with hideous abdominal scars that turned gangrenous. Although she settled out of court for $50,000 she said no amount of money could compensate her and the public should be warned about McGoldrick. Among the 80 negligence cases against him, Warburton was one of the few patients who did not sign a confidentiality clause.
Police had charged him with 310 counts of Medicare fraud and the "live" abortion of a seven-month foetus, the negligence cases were mounting and the Coroner's Court had launched inquiries into the deaths of four of his liposuction patients, of which he was cleared.
Doctor in trouble The Age December 17, 2004



1999 Complications of surgery

Ms Iris Joy Loveday, 54, of Mitcham, claims Dr. McGoldrick misdiagnosed her with cancer in February 1980 and recommended she undergo a hysterectomy, Justice Philip Mandie was told. She also claims he botched the operation.

Mr David Curtain, QC, for Ms Loveday, claimed the operation left her with "severe and permanent injury'' including a leaking rectum, abdominal injuries, a bowel obstruction, vaginal injuries, vomiting, bruising, bleeding, pain and shock.
Disgraced Doctor Facing Court Again The Age April 30, 1999

1999 No show by McGoldrick

Iris Loveday, 54, said she had had 10 operations since Dr. McGoldrick performed a hysterectomy to remove a cancer that didn't exist.
She later learned that tests before the operation had shown no abnormality.
Justice Mandie was told Dr. McGoldrick had not lodged an appearance in court and only the hospitals were represented.
DOCTOR SUED OVER OPERATION `HELL'. Herald-Sun April 30, 1999

2004 Damages awarded but McGoldrick bankrupt

In May 1999, former patient Iris Loveday was awarded $840,000 in damages by the Supreme Court, which found McGoldrick negligent for performing a hysterectomy in 1980 to remove a cancer that did not exist when she was 35.

McGoldrick's bankruptcy meant that many of the women who had sued him earlier for malpractice received almost nothing.
Doctor in trouble The Age December 17, 2004



2004 Review - Insurers reject McGoldrick

But by this time his insurer, the Medical Defence Association of Victoria, took the extraordinary step of kicking him out, effectively cancelling his insurance and leaving McGoldrick to face what was described as "a mountain of claims".
Doctor in trouble The Age December 17, 2004

The press report that, as a Gynaecologist, McGoldrick was controversially involved in carrying out abortions, particularly on teenagers. He went to trial but was acquitted. Much of the information obtained by the police was an illegal breech of patient’s privacy by the Health Insurance Commission (HIC) and reflected very poorly on the system.

2004 Review of abortion charges

Later that year, McGoldrick hit more controversy when he became the first doctor in 18 years to be charged with performing illegal abortions on under-age schoolgirls. He was acquitted amid an impassioned debate over consent. While he had always been the target of Right to Life activists, now he was hailed by some as a champion of the right of young women to choose.
Doctor in trouble The Age December 17, 2004

1987 Misuse of confidential records

A Collins Street specialist who was cleared yesterday of 11 counts of procuring unlawful abortions will call for a Federal Government inquiry into what he claimed were breaches of secrecy provisions of the Health Insurance Act.
DOCTOR CLEARED ON ABORTION CHARGES Sydney Morning Herald June 3, 1987

1987 HIC disregarded privacy of medical records

No official authorisation was ever given before their records were turned over to police.
ABORTION CASE PUTS PRIVACY IN DOUBT Sydney Morning Herald June 8, 1987

1987 Privacy issues

Sir Reginald (retired Federal Court judge Sir Reginald Smithers) is extremely angry about the sorts of risks for people's privacy that were highlighted by the recent prosecution of Dr. Ian McGoldrick over abortions on teenage girls, who were forced to testify about their confidential medical affairs.
OBJECTOR, YES, BUT HE CAN'T BE A MARTYR Sydney Morning Herald September 2, 1987

Family matter (withdrawn November 2009)

McGoldrick claims that one of the sections on this page is the subject of a permanent injunction by the Victorian Supreme Court and disclosure of the matter has caused pain and suffering to his family. I presume that this relates to a family matter referred to in an article "Doctor in Trouble" in the Age December 2004. This article was publicly available in 2005 and my search of the press did not reveal any retraction or apology. I do not have access to court documents and had no means of knowing this, and cannot confirm that this is so. The public availability of this article in 2009 has been confirmed. In any event that is a matter between McGoldrick and the Age. I have simply quoted from that article to illustrate a story describing behaviour not dissimilar in some respects to that described in other press reports. If it has caused pain and suffering to his family I offer a sincere apology. They were not responsible. For this reason the offending section of the article has been removed.

McGoldrick’s battle with the Medical Council lasted nearly 20 years. The reports indicate there were many complaints made about his conduct. In the 1980s he succeeded in delaying the proceedings on the basis that they would prejudice the many court actions he was involved in. He then removed his name from the medical register so removing himself from the jurisdiction of the Medical Council. Under the laws at that time the council had no choice but to abandon the investigation.

1986 Delaying Medical Council proceedings

A Melbourne medical entrepreneur has given the Victorian Supreme Court an undertaking that he will not practise medicine in Victoria until a medical board inquiry into his professional activities is completed.

And the board has given the court an undertaking that it will not go ahead with the inquiry until at least March 1 next year.
Dr. McGoldrick said in an affidavit that actions he believed could be prejudiced included 29 civil actions and a committal hearing over a charge of procuring a miscarriage.
DOCTOR HAS MEDICAL INQUIRY POSTPONED Sydney Morning Herald September 4, 1986

2004 Review -- Registration lapses

Then, in a dramatic move that many believe was strategic, McGoldrick allowed his medical registration to lapse, forcing the board to abandon its investigation. He was not to know that this would be the start of a 17-year battle to be readmitted.
Doctor in trouble The Age December 17, 2004


McGoldrick spent the next 17 years trying to get the medical board to register him again which the reports indicate they refused to do. He applied four times and appealed the decision twice

The appeal process, the reports show, elected to register him again in 1998 provided he worked under supervision and did not work in his own clinics. It took 15 months for the Medical Council to reverse this decision by appealing to a still higher court. He was able to practice during this period but did not do so.

He tried again in 2004 and once again appealed his rejection. This time, according to the press,the appeal process supported the Medical Council and refused to register him.

1998 Review - Medical Board's first rejection

1988: McGoldrick makes the first of several applications to be restored to the medical register, which is rejected because the board has not finished its previous investigations into allegations against him.
New Bid To Ban Doctor? The Age September 19, 1998

1997 Rejected again

In considering Mr McGoldrick's latest application, the board considered his conviction and $5000 fine in the Prahran Magistrates Court last November for impersonating a medical practitioner. The board had evidence that this occurred while Mr McGoldrick was a declared insolvent under arrangement.
McGoldrick Ruled Unfit To Practise Medicine Sunday Age October 19. 1997

1998 Appeal to the tribunal

CONTROVERSIAL medical entrepreneur Ian McGoldrick has promised to have psychiatric treatment in a bid to regain the right to practise as a doctor.
The tribunal was told Mr McGoldrick was caught treating patients in 1993 and 1995 despite being unregistered.

2004 Review - Tribunal registered McGoldrick in 1998

Despite his ongoing battles, McGoldrick's determination to be readmitted as a doctor finally paid off. During his many applications to the board and subsequent appeals, a 1998 VCAT hearing ordered him to be reregistered under strict conditions, including supervision by someone who had no financial interest with him.

It is believed that the difficulty of finding a supervisor was the reason that he worked for only 10 days of the 15 months he was registered before an appeal had him deregistered once more.
Doctor in trouble The Age December 17, 2004

2004 Practicing illegally as a doctor

DISGRACED medical entrepreneur Ian McGoldrick admitted to treating up to 300 patients at his clinics while he was unregistered, a tribunal was told yesterday.
Mr Maidment said McGoldrick had acted deceitfully and secretly, treating patients who were unaware that he was unregistered, failing to sign his patients' medical notes, using an indecipherable scrawl on prescriptions taken from pads belonging to doctors working at his clinic and compromising his staff who must have been forced to "turn a blind eye".
Unregistered doctor treated hundreds, tribunal told The Age December 7, 2004

2004 Admits lying

DISGRACED medical entrepreneur Ian McGoldrick admitted that he lied to the Medical Board and to VCAT in his attempts to regain his medical licence.
Ex-surgeon admits lying to VCAT The Age December 8, 2004

2004 Appeal Tribunal rejects McGoldrick

Mr Davis (Victorian Civil and Administrative Tribunal) upheld the decision of the Medical Practitioners Board in 2000 to reject McGoldrick's application to be reregistered.

It was the fourth time McGoldrick, whose $180 million medical empire collapsed in the mid-1980s, had applied to be reregistered, and the second time he had appealed against the board's decision to bar him from practicing.
Doctor fails in licence bid The Age December 15, 2004

McGoldrick’s case resulted in intense criticism of the Medical Board and the regulations under which it operated. Some changes were made.

2004 Reforms

His actions have sparked reforms: the Medical Board can now continue investigating complaints even when a medical licence lapses and controls have been put into place over medical clinic owners who pressure their staff to act unprofessionally.

But one of the most important issues remains unresolved - one that allowed McGoldrick to flourish on the fringes of medicine where disgraced and deregistered practitioners can still own and operate medical facilities.
Doctor in trouble The Age December 17, 2004


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The New Property Tycoon

The press reports reveal that McGoldrick's boundless energy saw him emerge in 2004 as a publicity shy property developer.

2004 Property ownership

Controversial medico and failed business entrepreneur Ian McGoldrick is involved in the purchase of an office building in the Melbourne suburb of Kew.

The property at 17 Cotham Road has been purchased in an off-market transaction for $8.5 million by a private syndicate associated with Dr. McGoldrick and another "medical person".

The hush-hush property deal remains difficult to track down, with agents CB Richard Ellis unwilling to comment. However, it is understood the purchase was a straight investment acquisition and is not expected to be used for a new medical centre.

Dr. McGoldrick, a former bankrupt, already owns another small office building in Kew, as well as several residential assets.
Doctor in hush-hush office deal Australian Financial Review October 7, 2004

2004 Property development

Villa World will manage the development of the 40 hectare greenfield site on the South Gippsland Highway for its joint venture partner, Racso, the owner of the site.

Racso is controlled by former medico Ian McGoldrick.

The site will be developed into 413 low density housing lots, including a 4.5 ha site which could used for a commercial development. Some of the site has been earmarked for potential medium density housing.
Villa World Shifts Gear Australian Financial Review February 12, 2004

2004 Property development

Locked out of practicing medicine - even at his own clinics - McGoldrick has moved into property development. Late last year he teamed with Queensland developer Villa World to build a $60-million residential and commercial development on a 40-hectare site in Cranbourne. Among the proposals are plans for a retirement village.
Doctor in trouble The Age December 17, 2004


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Other Material

There are many press reports describing various facets of McGoldrick’s conduct and behaviour. In my view they help to fill out a picture of his character. This is what is available to the public. Lawrence Money in his humorous Sunday column "Spy" in the Melbourne Age took a particular fancy to "Goldy" writing unkindly about his claimed eccentricities. McGoldrick did not challenge the imputations.

1988 Contempt of court

A Victorian Supreme Court judge yesterday sentenced the former medical entrepreneur Ian McGoldrick to four weeks in jail for contempt of court. However, the jail term was stayed by Justice Beach pending an appeal.
REGULAR SHORTS : JAIL TERM STAYED Sydney Morning Herald November 1, 1988

1989 Hidden Rolls-Royce

A Rolls-Royce at the centre of a legal dispute between a former medical entrepreneur, Dr. Ian McGoldrick, and the finance company Citicorp has been found in a warehouse, the Victorian Supreme Court was told yesterday. The fight began in October last year when Citicorp took Dr. McGoldrick to court claiming he owed $125,000 in lease payments.
REGULAR SHORTS : ROLLS-ROYCE FOUND Sydney Morning Herald May 4, 1989

1994 Ian McGoldrick's brothers also not registered doctors?

Seems latterday handyman Ian McGoldrick is not the only ex-medico in his clan. Corporate Affairs records from 1988 list brothers Peter and Bryan as medical doctors although neither are listed in the Victorian medical register. "It must be a mistake,'' Bryan McGoldrick told Spy.
Spy Sunday Age January 16, 1994

1997 Sale of house

The Palmers bought the property in 1989. The vendor, Dr. Ian McGoldrick, did not allow prospective buyers inside, so the Palmers bought it without viewing the interior. They intended to bulldoze it.
A Life Of Sun, Sand And Palmer Trees Sunday Age January 26, 1997

1998 McGoldrick found guilty as barman

The former multi-millionaire had been working as a barman at a Prahran pub to repay a large debt to his solicitor, an inquiry heard.
Mr McGoldrick was found guilty of trading after hours, serving liquor to persons under 18 and not checking identification. He was disqualified for four years from managing a licensed premises.
BEER CAREER GOES FLAT. Herald-Sun October 15, 1998

1999 Neighbourhood eccentricity

REGRETS, we have a few. For starters, regrets about Spy's snickers two years ago at defrocked doc Ian McGoldrick's claims to be a "handyman'' at various medical clinics around town.

Now we discover that the Golden Mac must have been serious. He is single-handedly building a three-level ranch in Pekina Square, Sorrento, and has been hammering and sawing furiously for six months.

But (there is always a but) the neighbors are howling to Mornington council, the building surveyor keeps finding Mac's work is bodgie, the Building Control Commission is awash with complaints.

"They realised he was unusual when he started cleaning out post-holes in his underpants,'' said project surveyor Robert Holmes. "Said he was too hot in great heavy work pants so he just pulled them off.''
Neighbors have bombarded the Mornington council and surveyor Holmes with complaints about Mac's workmanship, claiming land fill, stumps and other handywork are not up to scratch. One claims the Golden Mac tried to straighten a garage wall by looping a rope around it and pulling on it with his car.
Spy The undercover story on McGoldrick Sunday Age August 22, 1999

2002 McGoldrick's unfinished ediface

In Pekina Square, the disgraced ex-medico's great architectural dream stands unoccupied and seemingly unloved, more than four years after Spy last saw the snowy haired eccentric working on his three-storey hacienda.

The neighbours, whose patience with the Golden Mac (right) expired some years ago, are frustrated. And Mornington Council, which once threatened to auction off Mac's block in lieu of unpaid rates, is powerless.

"It's a quirk of the system," a council beadle told Spy last week. "We have gone as far as we can go on this. We have checked with the building commissioner. The neighbours have gone to the ombudsman. But there is no legislation obliging a land-owner to finish a project." He said the council had approached the Local Government Minister, attempting to tighten up the law.
News - Spy. Goldy's project is looking loopy. Sunday Age October 27, 2002


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Update November 2009

I did a quick search of press reports and can report that McGoldrick has largely kept out of the news now that he is no longer working in health care, There is only one report in which he is linked to a bankrupt company and the report does not show that he was responsible for that.

Oct 2009 Another bankruptcy

City Pacific, the former Phil Sullivan-headed Gold Coast property finance company that has left thousands of investors in a financial hole, appears to have had some unorthodox lending habits.
Di Suvero explained to CBD yesterday that he set up the company as a "vehicle for raising money for my other plays". But when the plays failed to bring enough money, he said he handed control of the company to his friend and the former high flying 1980s healthcare millionaire Dr Ian McGoldrick. "It's nothing to do with playwriting today," di Suvero said.
The company, named after a play that features the former Israeli prime minister Ariel Sharon paying a visit to hell, spent its final days in the property development game. Under McGoldrick's ownership the company, now in receivership, took the loans out over several waterfront lots in the marina.
PPB was appointed receiver to the portion of the development which owed $70 million to the Commonwealth Bank and now plans to sell off the 250 lots under its control on an individual basis. The former City Pacific managed First Mortgage Fund, which is owed more than $110 million by the development, has appointed McGrathNicol as receivers over the portion of the development which owes it money, while Westpac has appointed Korda Mentha to look after the lots of land formerly owned by the City Pacific part-owned property developer Indigo.
McCabe scores a deal on way out The Sydney Morning Herald October 6, 2009

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Web Page History
This page created October 2005 by
Michael Wynne
Changes and update April 2010