Replacing Motors on a Maximat V10-P

[Wheresmywrench?]

I have been given a Maximat V10-P Lathe/Milling machine. I want to replace the 3 phase 440V motors, one 1 hp the other 1/2 hp. Could I replace them with 120V motors or should I go with 220V single phase motors?

 

[den-den]

Either 120 or 240 should be fine for motors up to 1 hp, larger motors are usually better at 240v.
Note: 110, 115, 120 all refer to the same voltage, 220, 230, 240 also refer to the same thing.