If, on an application made to him in writing by an employee, the Secretary of State is satisfied that—
the employee's employer has become insolvent,
the employee's employment has been terminated, and
on the appropriate date the employee was entitled to be paid the whole or part of any debt to which this Part applies,
the Secretary of State shall, subject to section 186, pay the employee out of the National Insurance Fund the amount to which, in the opinion of the Secretary of State, the employee is entitled in respect of the debt.