(1) Where -

(a) an employer is insolvent under the laws, regulations and administrative procedures of the United Kingdom, and

(b) the employees concerned are employed or habitually employed in the State,

the Minister may by regulations provide for the transfer of personal data (including special categories of personal data) of those employees, and documentation relevant to such personal data, to and from -

(i) a relevant officer, or

(ii) an actuary or a person performing a similar task,

to the extent that such personal data or documentation, as the case may be, are necessary to the performance of the functions of a relevant officer, an actuary or a person performing a similar task, or otherwise for the performance of functions under this Act.

(2) In making regulations under subsection (1), the Minister shall have regard to the important public interest of -

(a) the protection of employees in the event of the insolvency of their employer,