'L.A. Noire' studio facing bankruptcy?

L.A. Noire development studio Team Bondi is close to entering administration, an insider has revealed.

The Sydney-based studio is currently selling off game IP and remaining assets, according to Develop.

Staff are either being offered severance packages or being asked to transfer to fellow Sydney studio Kennedy Miller Mitchell, including studio head Brendan McNamara, who recently toured the studio with his staff.

Papers and documentation to endorse these claims have yet to be released, although such papers may remain private for up to 28 days under Australian law.

Rockstar and animation company Depth Analysis remain unaffected by the situation, despite involvement with the L.A. Noire franchise.

Rockstar already owns the L.A. Noire IP, which is currently being ported to the PC by its Leeds studio.

Team Bondi recently came under fire for putting staff through "harmful" working conditions during the production of the '50s crime thriller.

The final product was released in April for the Xbox 360 and PS3 and became the fastest-selling new property ever in the UK.

L.A. Noire was recently praised by Metal Gear Solid creator Hideo Kojima.

> Read our review of L.A. Noire