Documents filed to Companies House show the group, which currently trades from seven restaurants across England, show the group owes a total of £1.6m to HM Revenue and Customs (HMRC) that included VAT, PAYE and employee National Insurance payments.
According to Mark Boughey and Michel Field of Forvis Mazaars, who were appointed to oversee the CVA process in July last year, the group was required to pay £27,000 a month for an initial three months.
This would be followed by £45,000 per month for 12 months, and then £50,000 for 10 months, increasing to £55,000 until April 2028.
Under the proposals, the group intended to sell the freehold to its Cheltenham restaurant and then lease it back as a means for releasing equity. However, it was unable to find a suitable purchaser.
The group also received an offer to operate a franchise from its Bournemouth restaurant that would have traded under The Coconut Tree brand, but this deal also fell through.
A company director requested a payment holiday for the month of March 2025, which was granted.
However, the arrangement was subsequently defaulted on with the joint supervisors petitioning for the company to be wound up as a result.
Total contributions from the company during the duration of the CVA were £376,000.
A winding up hearing is scheduled for 16 July.
Founded in 2016, The Coconut Tree is led by founders Mithra Fernando, Rashintha Rodrigo, Shamil Tiranjan Fernando, Dhanushka Fernando, and Praveen Cliford Demitrius Fernando Thangiah, who all hail from Sri Lanka.