Papers registered with the Australian Securities & Investments Commission indicate that Team Bondi will be forced to finally close as a business after a request from unpaid creditors.
Liquidators have been appointed at the company and assets will be sold off to pay debts, documents show.
The studio finished a seven year production run for L.A. Noire, itself full of setbacks and controversy, in May this year, producing a game that was both critically and commercially successful. Soon after the game's release, however, trouble flared in the form of accusations of unfair working practices, accusing studio head Brendan McNamara of poor management and bullying.
As a result of the repeated delays of the game, and what they described as a lack of management focus, Rockstar games publicly refused to work with the studio again.
McNamara was soon reported to be taking members of his team to visit Happy Feet 2 studio KMM, with a view to joining the outfit along with some staff members and potentially some Team Bondi assets. Staff were reportedly offered a choice between a job at the new firm or severance terms.
As of September it was revealed that what remained of Team Bondi had entered administration, with a view to selling off remaining assets. With creditors now circling, Team Bondi is likely to cease to exist very soon.