Can you bank on an iva to get you out of trouble?

We all appreciate some privacy in our lives so having the details of your financial situation up for scrutiny by third parties is never an enjoyable experience under any circumstances. The main differences between an Individual Voluntary Arrangement and bankruptcy proceedings is that when you are declared bankrupt you are usually relieved of the responsibility of having to pay for any unsecured debts that you have. When you enter into an iva on the other hand, you still have to pay a portion of these loans off. You are probably thinking that now is not the right time to be considering opening a Swiss bank account and why would you need one anyway?