Debt is "the state of owing money". They do not currently owe...

Debt is "the state of owing money". They do not currently owe that money, so by definition, it isn't debt.

I agree that there are plenty of other "liabilities" but not in the form of borrowed money (which is debt).

"The main difference between liability and debt is that liabilities encompass all of one's financial obligations, while debt is only those obligations associated with outstanding loans." - this is pretty clear cut, there is no 'business intent meaning' or 'context' for debt to mean anything else... ie trying to call a potential $70m court case payment "debt" is factually wrong, it may be debt one day possibly yes, but it certainly isn't debt now.

Bathurst essentially does not have any outstanding loans, hence no debt, hence the name of this thread... but absolutely do have liabilities yes.

(I'm really not sure why we're back talking about a complex court case first started over 5 years ago - one I was ultimately vindicated on, but I'm not going to bang on about that, as this is about Bathurst being debt free, which it is)