liabilities (C1)

noun

Pronunciation: /ˌlaɪ.əˈbɪl.ə.tiz/

Definition

A person or company's legal responsibility for something, especially a debt or financial obligation.

Examples

• The company's liabilities exceeded its assets.

• He was held liable for the damages caused by his negligence.

• The bank is responsible for the liabilities of its customers.

How to Use liabilities

liable for (prepositional phrase)

Having legal responsibility for something. — "The company is liable for any damages caused by its products."

liable to (prepositional phrase)

Likely to experience or do something undesirable. — "Without proper funding, the project is liable to fail."

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