You really need to check the terms of the proposal. From the cases I have seen I think it's unlikely that this asset would be included in the IVA. But if an IVA defaults and Bankruptcy is the only solution, then that's a different matter altogether.
Hi Bob, if you are already in an iva it will depend on your terms as Liamjames has already said. The best thing here is to speak to your ip about why you are struggling and they will do all they can to ensure your iva succeeds. If you are still deciding whether an iva is right for you, contact a couple of firms for info and advice on your situation. Good luck