The Musee Maillol, Paris has been forced to abruptly close down after the company that manages the museum, Tecniarte, unexpectedly filed for bankruptcy on February 5, the Art Newspaper reports.

According to court documents the museum’s depleted cash reserves of €11,000 ($12,530) have left the institution unable to repay its colossal €3.3 million ($3.7 million) debt.

Founded in 1995 and named after the French sculptor Aristide Maillol, the museum was opened and operated by the artist’s muse, Dina Vierny. She displayed her personal collection of Maillol’s work and presented various modern art exhibitions at the museum until her death in 2009.

Vierney’s successor, Patrizia Nitti, managed the Maillol through her company Tecniarte. The French museum has been the company’s sole client since 2009. In 2012 the company was still profitable, with earnings of €5 million. However by 2013 Tecniarte had accumulated €1.3 million in losses and despite making a sizable revenue of €3.6 million in 2014, the rising debt proved insurmountable. A French judge approved the insolvency based on “the loss of clientele and a huge defecit.”

According to the Art Newspaper, Nitti’s lawyer Stephanie Sebag insisted, “There is no suspicion of any mismanagement expressed against Ms. Nitti.” She explained, “After five years of brilliant exhibitions, she decided on her own to file for bankruptcy. General attendance at the museum has been falling. Some shows did not meet the expected results. And the final blow came after the terrorist attacks in January.”