In bankruptcy law, a moratorium is a legally binding waiting period in the right to collect debts from a person. This waiting period protects the debtor while a reorganization plan is agreed and established. This type of moratorium is typical of Chapter 13 bankruptcy filings, in which the debtor seeks to restructure the payment of outstanding debts. A moratorium is often, but not always, a response to a short-term crisis that disrupts a company`s normal routine. For example, immediately after a natural disaster such as an earthquake or flood, an emergency moratorium on certain financial activities may be granted by a government. It is then cancelled when normal business activities can be resumed. However, the moratorium is not always used so seriously. It is also often used casually to propose an informal ban on something, as in Can we impose a moratorium on the use of the word awesomesauce? In that sense, it`s usually a fun way to say, let`s stop doing this forever. The moratorium had stopped the payment of rents, factories were closed, tenants mobilized.
It was this moment that prompted Ryan to order a moratorium on the death penalty in Illinois. In 2011, Illinois extended the moratorium begun under Governor Ryan to a complete ban on the death penalty. According to the Collins` English Dictionary, the word moratorium is a name that refers to an authorized time limit, such as . B a deferral of a legal obligation to pay money. This stops a certain activity for a certain period of time and is usually an official agreement. You can add the suffix to create the plural moratorium. The pronunciation of moratorium isˌmɒrəˈtɔːriəm and moratorium is five syllables – mo-ra-to-ri-um. I just called a street vendor whose rent is $1,600 a month. She can`t pay the rent for April, won`t be able to pay May, probably she won`t be able to pay June. The moratorium on evictions will now accommodate them, but this late rent will force them to accumulate large debts. The correct plural of moratorium can be moratorium or moratorium. Technically, moratorium is the Latin plural form of the moratorium.
(Many other words derived from Latin can be plural in the same way, but many are rarely used, such as.B. stadia as a plural for stage.) Moratoriums are often imposed in response to temporary financial difficulties. For example, a company that has exceeded its budget could impose a moratorium on new hires until the beginning of its next fiscal year. In court proceedings, a moratorium may be imposed on an activity such as debt collection proceedings during insolvency proceedings. After the outbreak of the COVID-19 virus, the CDC and insurance companies began introducing new guidelines for moratoriums on the reimbursement of medical bills. This temporary suspension of payments, along with a waiver for tenants not to pay rent to their landlords or creditors, has given people time to get back on their feet after the coronavirus layoffs. Landowners hated the moratorium on eviction There should be some kind of moratorium on social laws. See the full definition of moratorium in the dictionary of English language learners A time limit agreed by the parties to the dispute or the parties to the negotiations. A moratorium can also be an authorized delay in the repayment of a loan, especially by a nation (as with a moratorium on war debt). What words share a root or word element with the moratorium? That puts nearly 10 million households below the poverty line at risk, according to Carbon Switch, a household energy efficiency company that has analyzed unemployment insurance claims in states without a moratorium on closure. There are also many different words that mean the opposite of the word moratorium. These opposite words are called antonyms and are also useful for knowing if you are trying to expand your vocabulary or your knowledge of the English language.
This list of antonyms for the word moratorium is also provided by the Power Thesaurus. Overall, the word moratorium (ˌmɒrəˈtɔːrɪəm) means a legal suspension of the payment of certain debts. .