Derby developer Eurocom has entered administration and ceased trading, with a resultant loss of all remaining jobs.
Last month the studio was forced to let the majority of its staff go after intervention from the HMRC, who deemed that the company had insufficient funds to continue trading with the number of staff it employed.
Today, a statement from administrators issued to Eurogamer revealed the true extent of the developer's financial woes.
"As a result of pressure from HMRC, the directors of Eurocom filed a Notice of Intention to Appoint an Administrator at Court in order to allow time for attempts to save the Eurocom business," the statement reads.
"The Administrator and the company's directors have been negotiating with customers surrounding new contracts to develop console games, however these contracts could not be secured in time and due to insufficient funds to pay outstanding wages, Eurocom today entered Administration.
"As a result, the remaining 42 employees have been made redundant today and the business has ceased to trade after some 25 years, having grown organically to become one of the largest and most prolific independent console games developers worldwide.
"The Directors of Eurocom would like to offer their heartfelt thanks to all their staff that have been made redundant at this difficult time, and show their appreciation of all of their hard work in consistently delivering exceptional games."
Whilst this is unfortunately the end of the established Eurocom business, efforts are continuing behind the scenes to attract interested parties to Derby in order to help fill the void left by Eurocom," the administrator continued.
"We are still hopeful that there will in the future be a specialist software business operating in Derby in place of Eurocom, but the focus will be completely different and therefore this is sadly the end of the console games development business."