Yes - no real issues other than whether you need a business bank account if you have ltd company status.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The only issue I can see would be if you needed to set up any trade accounts (credit accounts with suppliers), which probably wouldn't be needed in a home baking enterprise.
Best of luck with the business .....mmmmmm.... caaaake
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014