This unfortunate news is received after a string of dramas at the studio; being subject to criticisms regarding unsuitable working conditions from staff, a treacherous six year development of L.A. Noire, and Rockstar pulling out as the studio's publisher.
LA Noire developer placed in administration [TG Daily]
That asside, it a shame that this studio is shutting down, LA Noire was awesome and I would have loved to have seen what else they produce as Team Bondi.
The matter of the many dissatisfied employees in regards to Team Bondi working conditions is still brewing, with rumours of a class action against Brendan McNamara.