In theory, yes. But you would have to be sure of being able to carry on with your agreed IVA payments ( a reduction might not be agreed). Also your trading would have to be on a cash basis for equipment and stock you need to buy in (no credit trade accounts). Finally Public Liability Insurance can be difficult to arrange whilst in an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk