It depends upon whether the grant monies are eventually repayable to the payee. Given that you are already in an IVA, I would check this out with your IP to be sure, but on face value I would say that you are probably OK taking the money. You may also have to disclose the fact that you are in an IVA to the payee as well, as they will need to be sure that the monies provided will be used for the specific purpose they are provided rather than being used to repay debts.
If your business is a ltd and then the grant pays the ltd company then your personal circumstance is not relevant. That said they may check companies house to check the the ltd comapny is in order!
