HiQPdf throws "Cannot layout the image" when rendering image

Question

I'm working on rendering an image on a pdf document. The rendering is done in C# method like this:

    public void PrintPdf(System.Drawing.Image image, string htmlCode, string url)
    {
        PdfDocument Document = new PdfDocument();
        Document.Margins = new PdfDocumentMargins(20, 20, 20, 20);
        Document.ImagesCompression = 0;
        Document.Compress = false;
        Document.SerialNumber = "our-serial-number";

        PdfPage page = Document.AddPage(PdfPageSize.A4, Document.Margins, PdfPageOrientation.Portrait);

        PdfHtml overlayHtml = new PdfHtml(0, 0, htmlCode, url);
        overlayHtml.BrowserWidth = 740;
        overlayHtml.MediaType = "print";
        PdfLayoutInfo layoutInfo = page.Layout(overlayHtml);

        PdfImage pdfImage = new PdfImage(0, (float)115.5, image);
        layoutInfo = page.Layout(pdfImage);     // <-- this row causes exception from the HiQPdf library
    }

The last row throws the following exception from the HiQPdf library. Any thoughts on why?

[HiQPdfException: Cannot layout the image]
   HiQPdf.PdfImage.LayoutObject(PdfCanvas objectsContainer) +7243
   HiQPdf.PdfPage.Layout(PdfObject pdfObject) +86

This error started happening after we updated HiQPdf version from 5.4.0.0 to 10.17.0.0

The parameters seem ok, there is normal html in htmlCode and I don't see anything wrong with the image either. The image itself can be downloaded as png well as pdf, which works fine.