110.— (1) Subject to subsection (2) a proposed Personal Insolvency Arrangement shall be considered as having been approved by a creditors’ meeting held under this Chapter where—

(a) F106[…] creditors representing not less than 65 per cent of the total amount of the debtor’s debts due to the creditors participating in the meeting and voting have voted in favour of the proposal,

(b) creditors representing more than 50 per cent of the value of the secured debts due to creditors who are—

(i) entitled to vote, and

(ii) have voted,

at the meeting as secured creditors have voted in favour of the proposal, and

(c) creditors representing more than 50 per cent of the amount of the unsecured debts of creditors who—

(i) are entitled to vote, and

(ii) have voted,

at the meeting as unsecured creditors have voted in favour of the proposal.

(2) For the purposes of subsection (1)(b) the value of a secured debt shall be—

(a) the market value of the security concerned determined in accordance with section 105, or

(b) the amount of the debt secured by the security on the day the protective certificate is issued,

whichever is the lesser.