236Time limit for making claims

236 Time limit for making claims

236 Time limit for making claims

(1) Subject to subsection (2), a claim does not lie against the fidelity fund unless the prospective claimant notifies the fidelity authority of the default concerned within—

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

(b) a further period allowed by the fidelity authority; or

(c) a further period allowed by the Supreme Court of the jurisdiction to which the fidelity authority belongs where the authority refuses to allow a further period under paragraph (b).

(2) If the fidelity authority publishes a notice under section 235 fixing a final date for making claims about a default, a claim may be made—

(a) up to and including the final date fixed under the notice; or

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

(c) within a further period allowed by the Supreme Court of the jurisdiction to which the authority belongs where the authority refuses to allow a further period under paragraph (b)—

even though it would have been barred under subsection (1) had the notice not been published.

(3) The Supreme Court may allow a further period referred to in subsection (1)(c) or (2)(c) if it is satisfied that it would be—

(a) reasonable to do so after taking into account all ascertained and contingent liabilities of the fidelity fund; and

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

(4) The fidelity authority must take reasonable steps to individually notify potential claimants of whom it is aware of their entitlement to make a claim within a reasonable specified period of at least 21 days after the notification.

(5) Notification under subsection (4) can be made only while relevant claims can be made under subsection (1) or (2), but a claim by a potential claimant who has been so notified—

(a) may be made during the specified period even if it would otherwise be barred under subsection (1) or (2); and

(b) is ineffective if made after the specified period.