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(1)Compensation may be paid under section 83 only on an application to which section 81 applies made within the qualifying period by a prescribed person.
(2)An application under this section must be made in the manner, and give the information, required by the Compensation Board.
(3)For the purposes of this section the “qualifying period”, subject to subsection (5), is the period expiring with the period of twelve months mentioned in subsection (4).
(4)The period of twelve months referred to in subsection (3) is that beginning with the later of the following times—
(a)the insolvency date,
(b)when the auditor or actuary of the scheme, or the trustees, knew or ought reasonably to have known that a reduction of value falling within section 81(1)(c) had occurred,
being, in each case, a time after the appointed day.
(5)The Compensation Board may extend, or further extend, the qualifying period.
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