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The phrase "admit liabilities" is correct and usable in written English.
It can be used in legal or financial contexts when acknowledging responsibility for debts or obligations.
Example: "The company had to admit liabilities during the bankruptcy proceedings to ensure transparency with its creditors."
Alternatives: "acknowledge debts" or "accept responsibilities".
Exact(2)
The first will be prodding private companies, usually not keen to admit liabilities, to identify vulnerabilities in their computer networks and to be more forthcoming about attacks against them.
It says 137 people who had undisclosed assets in Liechtenstein used an agreement with the tax haven in 2009 to admit liabilities of £141m in return for gentler penalties.
Similar(58)
It might admit liability.
Met does not admit liability.
The company did not admit liability.
The Foreign Office did not, however, admit liability.
Select did not admit liability in the settlement.
The bank did not admit liability in the settlement.
In reaching the settlement, the city did not admit liability or wrongdoing.
James Stapleton, the lawyer for the diocese, said it did not admit liability.
Under no circumstances should one admit liability; to do so could jeopardize the insurance coverage.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com