Go bust and move on if you have to. It's tough tit on anyone who advances credit to someone who is basically skint and without real means to pay down debt. Caution applies as much to potential creditors as it does debtors.
Personally, I would not go bust if the sum was piddling as the reputational cost becomes disproportionate. You need to weight up and decide on your own facts. As already said, there's no one way but I do agree about keeping away from the Wongawanglers who claim to be able to deal with your debts. They just add to the cost of an IVA.
"If you have assets you want to think about salting away what you can now otherwise the Official Solicitor will be after them. That's not playing to the rules, mind, but I imagine nearly everyone does it"
what actual checks does the OR do so this is stopped, for example does he do a in depth search of Land registry title ownership, something members of the public cant do, or does he simply rely on what the debtor says?