Embattled  developer  will shut its doors as unpaid creditors appoint a liquidator to sell their assets. Today, forms were filed with the Australian Securities and Investments Commission to wind up the company and use its assets to pay outstanding debt.

Team Bondi’s demise occurs admidst controversy surrounding the successful release of L.A Noire. Despite being critically acclaimed and enjoying tremendous sales, a seven year development and complaints about abuse in the workplace proved costly. After Rockstar decided to drop the studio, its fate was just about sealed.

Rumors at one point indicated film studio KMM was looking to buy Bondi out, but never materialized.

via [Edge]