(1) Subject to section 402, a claim does not lie against the Fidelity Fund unless the prospective claimant notifies the Law Society of the default concerned:
(a) within 6 months after the prospective claimant becomes aware of the default; or
(b) within a further period allowed by the Society; or
(c) if the Supreme Court allows further time after the Society refuses to do so – within the period allowed.
(2) The Court or Society may allow a further period if satisfied it would be appropriate to do so in a particular case having regard to matters the Court or Society considers relevant.