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The phrase "are owing" is correct and usable in written English.
It is typically used to indicate that something is due or that someone is indebted to someone else.
Example: "The funds that are owing to the contractor must be paid by the end of the month."
Alternatives: "are due" or "are payable".
Dictionary
are owing
verb
To be under an obligation to give something back to someone or to perform some action for someone.
Exact(34)
In "Game," two military men are, owing to some ambiguous "oversight," abandoned in an underground bunker during the Cold War.
It is important to note that The Post and M'membe have not refused to pay taxes that are owing.
Several times he expresses the view that he and Tanya are, owing to their background, more worthy of survival than the people around them.
The Finnish group said it was in discussions with trade unions about the fresh round of redundancies, which it said are owing to a continuing slump in orders.
If children born to obese mothers are, owing to the environment in the womb, predisposed to obesity, they may find staying thin especially hard.
Some of the financial problems are owing to the church's own lies and omissions around the sexual abuse scandals involving priests.
Similar(26)
Trainers are owed money.
We are owed it.
You, readers, are owed a prophecy.
Maybe we are owed the team.
We are owed no less.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com