A: Assets
In bankruptcy you lose control of your assets as these vest in the Trustee. The Trustee will then dispose of these assets and use the funds to pay their fees and disbursements and distribute the remaining funds among your creditors.
In an IVA you make an offer to your creditors. This should be your best offer and so may include the disposal of assets of excess value for the benefit of your creditors. However, it is possible to specifically exclude assets from the Arrangement although justification would have to be provided. A third party, such as a family member, may offer to introduce a lump sum which would not be available in a bankruptcy.
In bankruptcy your home will vest in the trustee whereas in an IVA you will be expected to use your best endeavours to realise, usually by way of re-mortgage, the equity you have in your property.
A: Duration
An IVA will generally last for 5 years.
A Bankruptcy will generally last for 12 months
A: Publicity
Unlike bankruptcy an IVA is not published in any newspaper. However it is registered with the Registrar of Voluntary Arrangements at the Department of Trade and Industry and the register is available for public inspection if requested.