Ah you're right, thanks.

Another aspect which was too long for me to type on my phone earlier is that debt/Schuld is backward looking while liability/Pflicht is forward looking.

So while debt is incurred through past actions, what matters from an operational business perspective is your liability, i.e. your obligation for future payments/value transfers.

In english speaking business practice, debt and liability seemt to be used interchangeably. I have never used German in a professional setting and am only familiar with the colloquial usage of Schuld and Pflicht so I would be interested to hear how those differences play out in German business use.