Team Bondi to Officially Shut Down

Team Bondi, the studio that partnered with Rockstar Games to create the hugely successful L.A. Noire, is no more.

Documents filed today with the Australian Securities and Investments Comission have confirmed that the company is to be wound up. A liquidator has been appointed to sell off all remaining assets in an attempt to repay creditors.

The Sydney-based company found itself in deep debt following L.A. Noire's seven-year development cycle, even in spite of the game's strong sales. Matters weren't helped by allegations of employee abuse, with founder Brendan McNamara publically accused of forcing employees to work unpaid overtime. The controversy eventually spurred Rockstar, their publishing partner and current owner of the L.A. Noire property, to sever ties with the developer.

Earlier this year, the company sold off its remaining assets to Australian film production company Kennedy Miller Mitchell, with employees offered a choice between severance pay and a position within KMM. In August, the company was put into administration, the first step towards permanent closure. Unable to find a buyer or otherwise avoid insolvency, Team Bondi will now see its doors shuttered for good.