It was believed that assets and IP were being sold to George Miller's KMM studio but it seems nothing materialised. Bad press has dogged the studio for months.
Allegations of poor work conditions came to light with former Team Bondi employees offering credence to a terrible work atmosphere. It was said that Rockstar, who published L.A. Noire, grew to dislike the studio for its treatment of development staff.
The International Game Developer's Association launched an investigation into the studio which was run by Brendan McNamara, who admitted he piled on the pressure but felt the sacrifices were justified to achieve L.A. Noire's creative goals.
All this proved too great a stain on the studio's reputation which appears to have kept would-be interested publishers from touching the developer for future projects. Rockstar Games owns the L.A. Noire intellectual property and will likely continue it eventually.
The report of administration comes from SmartCompany. L.A. Noire is heading for PC this fall but development of the port is being handled by Rockstar Leeds.