Paris studio Wizarbox filed for bankruptcy under French law in December, according to a report.
The developer, founded in 2003 by a group of Visiware veterans, has a strong record of ports and contracting work but is best known for the Risen series of RPGs, as well as point & click adventure games such as Grey Matter.
According to Pockett.net, the company has been put "en redressement judiciaire" (in recievership), which is the equivalent of US chapter 11 bankruptcy.
In a 2010 interview, studio head Fabien Bihour pointed to the lack of new contracts for the independent studio, and said it was difficult for small developers to stay afloat in this economic environment.
Though many studios have sidestepped this problem by self-publishing to mobile devices and tablets, Bihour said he thought such a move would be too risky.
Develop has contacted Wizarbox for comment.