Rather than re-opening the arrangement, it could be set aside (invalidated) by the courts if the IP is so minded to apply and the court minded to agree. There are other sanctions like fraud charges. Again, if the IP is so minded.
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