Yes, you can be a company director. However, if you have been separately disqualified by the Insolvency Service from being a director then the answer will be no.
You can be a company director unless you are an undischarged bankrupt or you have been disqualified from being a director by the Insolvency Service. An Individual Voluntary Arrangement (“IVA”) is a confidential agreement between you and your creditors. It does not stop you being a director.
The IVA will be registered with the Secretary of State and available to credit reference agencies, so it usually does have an effect on your credit rating for up to 6 years. That said, the credit agencies do not know the terms of the IVA, only that you have entered into one.