Not even a hit game could stave off Team Bondi's end. The development studio behind the hit L.A. Noire has already filed for closure with the Australian Securities and Investments Commission.

The development studio had gone into admininstration in early September. A company that goes into administration is carefully watched until they can raise enough money to pay off their creditors either by reducing costs or selling off assets.

According to a report from gaming news site Edge, Team Bondi have found a liquidator following a creditors' meeting last week. The liquidator (one of the coolest-sounding job titles ever, by the way) will take over the sale of the studio's remaining assets. The money made will be used to pay off the studio's creditors.

Despite the success of L.A. Noire, 2011 had become a bad year for the Sydney-based third party developer. Shortly after the game's release, a number of ex-employees claimed that working conditions during the development of L.A. Noire had gone from bad to worse, and that the relationship between the studio and publisher Rockstar Games had been badly damaged.

Via [Edge]

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