Realtime Worlds go into administration

[Everson]

Pioneering Dundee-based computer games company Realtime Worlds has gone into administration putting hundreds of jobs at risk. The company, founded by the creator of Lemmings and Grand Theft Auto, is based at a former jute mill in the city.

 

It employs about 250 people and was seen as one of the biggest players in the UK computer games market.

 

Its newest title, online role-playing game APB, launched a few weeks ago but has experienced "lacklustre" demand.

 

Joint administrators have been appointed and a consultation process on the future of the firm is under way.

Read More: 17th August 2010 - http://www.bbc.co.uk/news/uk-scotland-tayside-central-11003456

 

A total of 185 people have been laid off after the collapse of video games firm Realtime Worlds, administrators have confirmed. It comes as a Dundee MP called on the UK government to "look again" at tax breaks for the computer games industry.

 

The company, founded by the creator of Lemmings and Grand Theft Auto, went into administration on Monday.

 

In Dundee, 157 of the company's 210 staff have lost their jobs, along with 28 of the firm's US staff in Colorado.

Read More: 18th August 2010 - http://www.bbc.co.uk/news/uk-scotland-tayside-central-11010527

 

Announcement at APB.com ("The Future of APB")

 

17th August 2010 http://eu.apb.com/en/news/announcements/2010/08/17/the-future-of-apb

 

As you may or may not have already read, RTW has recently announced that it has entered into administration. When reading this news, you'll probably be wondering what effect this will have on you, the players.

 

Well, the good news is that it doesn't. APB will continue to run, receive updates and is completely accessible. There will be no disruption to the service.

 

We''re making the final configuration changes to PTW. The doors will open this afternoon allowing you to jump in and check our best patch yet, 1.4.1! New combat, new matchmaking and new content is just around the corner.

 

For more information on updates, remember to visit the 'In Development' section of the APB forums, as well as follow us on Twitter and Facebook.

[Crotan]

What do they mean by "gone into administration"?

 

EDIT: Answer: someone has taken over the firm as an administrator who sorts out what is owed and what can be paid to creditors, suppliers, customers etc.

Edited August 18, 2010 by Crotan

[Everson]

http://en.wikipedia.org/wiki/Administration_%28law%29 ;)

[Crotan]

http://en.wikipedia.org/wiki/Administration_%28law%29 ;)

 

Beat you to the answer, though it must be a UK thing because I've never heard the term used for US based companies

[xX_Renegade_Xx]

Let's Go!!

 

I was a big fan of lemmings, trying to save those pesky little critters from impending doom, well, sometimes ;)

 

Such a shame to see yet another company going under, I've been made redundant a few times after the companies I worked for went into administration and the sad fact is the staff will probably be the biggest losers, they'll be told they'll still get paid and receive the bonuses they're expecting but it's highly unlikely they will get anything, in my last job our employer just kicked us all off site, no warning no nothing, you've worked here for a number of years and we're in major debt so bye bye, not nice :(

[HSMagnet]

bankruptcy in American

[Kolor]

Administration = Receivership.