(1) Subject to section 334 (Time limit for making claims against fidelity fund following advertisement), a claim must not be made against the fidelity fund in relation to a default unless the prospective claimant tells the law society in writing of the default—
(a) not later than 6 months after the day the prospective claimant becomes aware of the default; or
(b) within a further period allowed by the law society council; or
(c) if the Supreme Court allows further time after the law society council refuses to allow a further period—within a period allowed by the Supreme Court.
(2) The Supreme Court or law society council may allow a further period mentioned in subsection (1) if satisfied that—
(a) it would be reasonable to allow the further period after taking into account all ascertained and contingent liabilities of the fidelity fund; and
(b) it would be appropriate to allow the further period in the particular case having regard to matters the Supreme Court or law society council considers relevant.