(1)  Subject to section 373 (Time limit for making claims following advertisement), a claim does not lie against the Guarantee Fund unless the prospective claimant notifies the Trust of the default concerned –

(a) within the period of 6 months after the prospective claimant becomes aware of the default; or

(b) within a further period allowed by the Trust; or

(c) if the Supreme Court allows further time after the Trust refuses to do so, within a period allowed by the Supreme Court.

(2)  The Supreme Court or Trust may allow a further period referred to in subsection (1) if satisfied that –

(a) it would be reasonable to do so after taking into account all ascertained and contingent liabilities of the Guarantee Fund; and

(b) it would be appropriate to do so in a particular case having regard to matters the Supreme Court or Trust considers relevant.