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'paying off liabilities' is correct and usable in written English.
You can use it when referring to paying what is owed to a creditor. For example: The company's profits this year allowed them to pay off their liabilities.
Exact(2)
The transition costs represent the government paying off liabilities it has already accrued.
Dudley blamed the annual loss, plus a fourth-quarter deficit of $2.2bn, on the collapse in oil prices, coupled with the continuing fallout from paying off liabilities for the Deepwater Horizon disaster in the Gulf of Mexico.
Similar(57)
In parallel, European supervisors are conducting detailed examinations of each bank's liquid assets, or its reserves of readily available assets and cash that can be used to pay off liabilities at a given time.
It is paying off.
It's paying off.
Cooperation is paying off.
And its paying off.
It shows the amount of money the company would have left if all its assets were sold and liabilities paid off.
The equity section of the balance sheet comes after the liabilities portion and shows the amount of money the company would have left if all its assets were sold and liabilities paid off.
The 67-year-old ruler will also pay off the liabilities and debts of the prisoners.
The productive means to pay off those liabilities are shrinking as Japan's average age creeps toward 50.
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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