Eurocom, the longstanding UK studio most recently responsible for the Activision title 007 Legends, has entered administration after nearly 25 years in business.
In November the group underwent a wide-ranging layoff operation in a bid to save costs, though the remaining 42 workers have now also have made redundant.
An administrator has been appointed to manage the business, according to Eurogamer. It will manage any sale of Eurocom's assets as well as potentially resolve any creditor repayments.
Administrator Dean Nelson said: "Whilst this is unfortunately the end of the established Eurocom business, efforts are continuing behind the scenes to attract interested parties to Derby in order to help fill the void left by Eurocom.
"We are still hopeful that there will in the future be a specialist software business operating in Derby in place of Eurocom, but the focus will be completely different and therefore this is sadly the end of the console games development business."
Established in 1988, Derby, UK-based studio employs hundreds of staff. In the last few years it has focused mainly on Bond games, but it has also been credited on titles in the Street Fighter, Mortal Kombat, Dead Space and Duke Nukem franchises.