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21:46, 7 July 2013 When an opponent's entire front line (or even entire team) is KO'd, then the battle (not the game) is immediately over.
The Venture Total is determined and the Missions are moved to the appropriate piles. If one of the players has, at this time, won via Venture then they have won the game (regardless as to whether or not they have any characters left standing). If no one has won by Venture at this point, then the player who has no characters left loses the game.