SINGAPORE — The liquidators of beleaguered bicycle-sharing firm oBike said on Wednesday (Jan 9) that a second creditors meeting will be held in a fortnight for all affected parties, including individual users, to give an update on the company’s winding up process.

However, liquidators FTI Consulting said in a press release that the process is still going on, and “no payments or distributions will made” during the Jan 23 meeting at Shaw Tower’s Shine Auditorium at 2.30pm. They added that attendance at the creditors meeting is not mandatory for those looking to recover money from oBike.

“In other words, creditors will be able to continue submitting their claims through the online form or at the Joint and Several Liquidators’ office even after the creditors meeting,” FTI Consulting said.

For those who are attending in person or by proxy, they will be required to submit their claims or proxy forms by 12pm on Jan 22 to attend or vote at the meeting. Registration for the meeting will start at 2pm on the day itself.

Individual oBike users who wish to attend and/or vote at the meeting in person are not required to submit a proxy firm.

Details and forms for the creditors meeting have been published in a circular online.

The circular includes information on the tasks which the liquidators have carried out since Aug 2 last year.

Among other things, they have retrieved and scrapped most of oBike’s bicycles in Singapore. They have also recovered the company’s funds held with two third-party vendors as well, and conducted an investigation into the firm’s affairs and the remittance of funds from obike Singapore to its Hong Kong outfit.

However, it is unclear what stage of the winding up process oBike is at, and how long more it could take. TODAY has reached out to the liquidators for more details.

In August last year, TODAY reported that the Singapore-based company owed S$8.9 million to about 220,500 users here.

Of the S$11.7 million which oBike Singapore received in customer deposits and top-ups, about S$10 million were transferred to its Hong Kong business as “prepayments”. This was revealed at the first creditors meeting held on Aug 2 last year.

The liquidators said then that they were working to unwind the transaction and show that the money is owed to oBike Singapore and has to be paid back.

Apart from the amount owed to users, it owes about S$500,000 to contractors, vendors, town councils and government agencies, the liquidators had said.

oBike had announced its shock exit from Singapore on June 25 last year, citing difficulties in meeting the Land Transport Authority’s rules, which were aimed at tackling indiscriminate parking.

Since then, users have tried unsuccessfully to get their S$49 deposits back.