arrears vs liability

arrears and liability both are nouns.

Word	Noun	Adjective	Verb	Adverb
arrears	Yes	No	No	No
liability	Yes	No	No	No

As nouns, liability is a hypernym of arrears; that is, liability is a word with a broader meaning than arrears:

Other hypernyms of arrears include financial obligation, indebtedness.

arrears (noun)	liability (noun)
an unpaid overdue debt	the quality of being something that holds you back
the state of being behind in payments	an obligation to pay money to another party
	the state of being legally obliged and responsible