liabilities
n.-
1 financial debts (n.) B2 Upper Intermediate Technical Lawthe total amount of money that a person or company owes to others.
the financial obligations of an entity, including loans, accounts payable, and accrued expenses. Usually plural in this sense.
ExampleThe company had to sell its office building to pay off its liabilities.
ExampleThe auditor noted that the firm's current liabilities exceeded its liquid assets, raising concerns about its short-term solvency.
UsageOften used in the plural form when referring to a list of debts on a balance sheet.
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2 legal responsibilities (n.) B2 Upper Intermediate Formal Lawthe state of being legally responsible for something, especially for paying for damage.
the state of being legally responsible for an act or omission. Often used in insurance and legal contexts.
ExampleThe business carries insurance to cover any potential liabilities from accidents.
ExampleThe contract clearly defines the liabilities of each party in the event of a data breach or system failure.
UsageCan be used as a countable noun referring to specific legal risks or as an uncountable noun for the general state of responsibility.
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3 disadvantages or risks (n.) C1 Advanced Informalpeople or things that cause problems or are likely to cause trouble in the future.
persons or things whose presence or behaviour is likely to cause embarrassment or disadvantage. Figurative extension of the financial sense.
ExampleThe noisy fans became liabilities for the restaurant after the neighbours complained.
ExampleIn a high-stakes political campaign, candidates with a history of controversial statements are often viewed as major liabilities by their own parties.
Teacher's tipIn this informal sense, a person can be 'a liability'. It suggests they are a weakness to a team rather than a strength.