Under the watchful eye of Rockstar Games Team Bondi created the impressive L.A. Noire, but less than six months after releasing the top selling crime thriller the Sydney-based studio is facing the prospect of bankruptcy.
The company has gone into administration this week, according to documents filed with the Australian Securities and Investments Commission, meaning the Sydney-based studio is fundamentally insolvent.
Australian law reserves bankruptcy for individuals only. Companies who are no longer financially viable are placed under the control of an administrator, and directors no longer have the authority to act for the company.
All of Team Bondi’s remaining assets were sold earlier this month to Kennedy Miller Mitchell (KMM), the multimedia company co-founded by Mad Max creator George Miller.
The gaming world closely followed the growing crisis at Team Bondi, following ongoing allegations of poor management, and unacceptable work conditions throughout the game’s lengthy seven-year development process.


Posted: Aug 06, 2011 6:20 pm

Source: http://www.gamefreaks.co.nz/2011/09/02/la-noire-developer-closing-down/