The shocking amount of debt has forced the closure of a number of the TV chef's eateries.
According to The Sun, Oliver begged landlord to cut the cost of his rent with his creditors voted to cut rent at some restaurants by 30 per cent.
Because of the Company Voluntary Arrangement put in place, the business can still trade, however 12 of 25 sites across the UK will shut with 450 jobs lost.
Jamie's Italian locations in Australia have not been impacted at this point.
The Sun obtained High Court documents which revealed Jamie’s Italian Limited owes about $53 million to financial services company HSBC in overdrafts and loans.
It is also approximately $73 million in the red with creditors including landlords and suppliers, staff owed $3.89 million.