Team Bondi in Administration

[Sep 01, 2011, 09:58 am ET] - Share - Viewing Comments

When it was reported last month that the assets of Team Bondi were sold to Sydney production studio Kennedy Miller Mitchell, it was said to be "unclear" if the controversial developer of L.A. Noire would "continue as an ongoing concern." Now Smart Company has word that Team Bondi is in administration. Here's some of the report, which leaves the sale of Team Bondi assets in question:

According to documents filed with the Australian Securities and Investments Commission, Riad Tayeh and David Solomons of de Vries Tayeh were appointed as joint administrators of the company on August 30.

The appointment comes weeks after the business was rumoured to be selling assets and intellectual property to filmmaker George Miller’s studio KMM.

However, when SmartCompany contacted KMM and its Dr D Studio division, it was advised no comment would be provided.

It is still unknown whether the appointment of an administrator is related to the rumoured transaction, or whether it will be going ahead at all.

When SmartCompany contacted the Team Bondi office this morning, it was informed the company was no longer located there. It was also told that no person would be available to handle media enquiries going forward.

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13.

Re: removed

Sep 2, 2011, 02:58

Ludomancer

Just for clarification - the game industry uses "Administration" in press releases when layoffs happen. Not necessarily because they actually are in legal terms. It's often meant to disguise or sugar-coat what the company is really doing, in the same way that some companies use "downsizing", or some game studios use "seasonal employment". Yeah, I'm bitter. But not ignorant. Not on this topic.

12.

removed

Sep 1, 2011, 22:19

erher

* REMOVED * This comment was deleted on Sep 1, 2011, 23:18.

11.

Re: Team Bondi in Administration

Sep 1, 2011, 14:42

Beamer

Never, EVER trust a boss who says he'll pay you "down the road" or "will take care of you later."

It's horseshit. Get paid now.

Creston

There are occasions. If you're in a start-up that you genuinely believe in then it could be worthwhile. If you trust the leadership. If you think it's going to come. And, even still, you should negotiate something along the lines of a piece of the company in exchange for it. And those are very rare circumstances regardless.

By and large if they don't pay you you don't work, because if they disappear (a strong possibility if they're not making payroll) you'll never see that money. But you still often hear about people that haven't been paid in weeks.




------------- Music for the discerning: http://www.deathwishinc.com http://www.hydrahead.com http://www.painkillerrecords.com

10.

Re: Team Bondi in Administration

Sep 1, 2011, 12:55

(Disclaimer: in UK...) To be fair liquidation is used sometimes to wind down a business, laying off employees and enabling the owners to realise the money they have invested in the company as a capital gain (usually taxed lower than if by dividend or salary). Creditors do get paid first. In UK employees are preferred creditors and any owed pay, including redundancy and holiday pay, are first in line unless e.g. a bank loan has a fixed security over assets. Whether the investors get any money depends if anything is left over afterwards. Beamer or Ludomancer may be correct.

Re: Team Bondi in Administration

Sep 1, 2011, 12:29

Parallax Abstraction

What Beamer said. Administration is literally the European/Australian term for bankruptcy. Likely Chapter 7 bankruptcy most likely if they plan to liquidate rather than restructure.




Parallax Abstraction Geek Bravado \| Retro Flashback \| All Together Now

"dissonance"

Sep 1, 2011, 12:23

space captain

LittleMe wrote on Aug 14, 2011, 23:52:
So very many people want their government to run their lives and then when their governments do what they always do, people show their true naivety and get surprised and shocked to the tyrannical reality around them.

"As far as I know, no governmental entity in this country has ever done anything like this."
Just because it hasn't happened before doesn't mean it can't happen.

"BART’s deputy police chief said he decided to switch off the service out of concern that protesters on station platforms could clash with commuters, create a panic and put people in the way of speeding trains or the high-voltage third rails. "

Joseph Stalin would be proud of that rhetoric.




Go forth, and kill!

Re: Team Bondi in Administration

Sep 1, 2011, 12:13

LittleMe

Quboid wrote on Sep 1, 2011, 11:07:
Hey, none of your intelligent, considered comments in here Beamer, this is the internet. Impotent anger at the clear injustices in one's simplified, black and white world perspective is what we expect.

ROFL +1




Political freedom can only be preceded by economic freedom which is preceded by monetary freedom.

some people got to have it

Sep 1, 2011, 11:50

space captain

some people really need it




Go forth, and kill!

Re: Team Bondi in Administration

Sep 1, 2011, 11:07

Creston

Never, EVER trust a boss who says he'll pay you "down the road" or "will take care of you later." It's horseshit. Get paid now. Creston

Re: Team Bondi in Administration

Sep 1, 2011, 11:07

Quboid

Hey, none of your intelligent, considered comments in here Beamer, this is the internet. Impotent anger at the clear injustices in one's simplified, black and white world perspective is what we expect.




- Quboid

Re: Team Bondi in Administration

Sep 1, 2011, 10:50

Beamer

Ludomancer wrote on Sep 1, 2011, 10:44:
I'll translate for everyone:

"Administration":
1. Laying off your company's workers in order to retain profits for the investors and management.

I love how they've begun using this term to cover the shame of their greed.

Actually "Administration" is a legal term, meaning that the control of the company has been handed to an unbiased third party who determines whether the company is capable of satisfying its debts and should return to its owners or not. Typically it's determined that the company has no way of achieving the cash flows needed to satisfy debts and is then liquidated. Yes, employees are laid off during liquidation, but the owners lose most everything, too. The money goes first to the debtors, which makes sense - debtors would never loan money if they had no chance of recovering it and no one would ever be able to start a business.

It's not hard, and it isn't greed, although your post makes you seem ignorant. Of course debtors get money before employees do, the economy depends upon it. This is also why, if your boss ever tells you he can't pay you this week but will make it up to you down the road you get the hell out of that company unless you really believe it will land on its feet.




------------- Music for the discerning: http://www.deathwishinc.com http://www.hydrahead.com http://www.painkillerrecords.com

Re: Team Bondi in Administration

Sep 1, 2011, 10:44

Ludomancer

I'll translate for everyone: "Administration": 1. Laying off your company's workers in order to retain profits for the investors and management. I love how they've begun using this term to cover the shame of their greed.

Re: Team Bondi in Administration

Sep 1, 2011, 10:07

Parallax Abstraction

Sad to see the hard working staff at Team Bondi out of work but Brendan McNamara definitely has this coming. Here's hoping no one gives that scumbag money again, at least not until he learned to be a person.




Parallax Abstraction Geek Bravado \| Retro Flashback \| All Together Now

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