London-based gallery Stephen Friedman is reeling under a staggering $10.6 million debt owed to various creditors, including renowned artists like Deborah Roberts and Kehinde Wiley.

The gallery is in arrears by the largest amounts to Coutts & Co., which it owes £3.2 million ($4.3 million), and London-based multinational investors Pentland Group Ltd., which holds a 50 percent stake in the gallery, amounting to £1.4 million ($1.9 million).

In addition to these substantial debts, Friedman is also indebted to the UK’s tax authority for £550,000 ($750,813), and owes the Pollen Estate £505,114 ($689,531), which leased its Cork Street showroom. The gallery also has significant obligations towards art logistics company Crozier and various smaller sums to major art fairs such as Frieze and Art Basel.

The closure of Friedman’s New York gallery in November after just two years was a precursor to the insolvency proceedings that began in February, days after ARTnews reported the gallery had pulled out from an exhibition at the inaugural Art Basel Qatar. The gallery employed 27 in the UK and five in the US, who are set to receive full payment of about £39,000 ($53,000).