LA Noire was not only a success among the critics, but also went on to shift 4 million units since its launch in May. It's now three months down the line and reports on Australian business website SmartCompany claim that developer Team Bondi is entering into administration, with accounting firm de Vries Tayeh taking care of the process.

This follows reports that Team Bondi was negotiating a merger with Australian film company Kennedy Mitchell Miller (KMM), and rumours that the studio is selling off its assets and intellectual properties. KMM is thought to be planning a Mad Max game, which could mean jobs for ex-Team Bondi staff, who were apparently offered positions at KMM rather than severance pay.

With the studio in dire straits, going into administration could aid Team Bondi in paying its creditors, although its not actually known how the process will proceed, as for now the rumours are just that. If you're hoping to hear more about future developments for LA Noire, that will now lie with publisher Rockstar Games who still own the rights to the game.

[Via Joystiq]