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oBike liquidators to hold meeting with creditors on Jan 23

oBike liquidators to hold meeting with creditors on Jan 23

oBikes abandoned in Ubi seen on Aug 1, 2018, a day after the Jul 31 deadline for the company to clear its bicycles off the streets. (Photo: Amir Yusof)

SINGAPORE: The liquidators of oBike said on Wednesday (Jan 9) that it will hold a meeting with creditors of the bike-sharing company, including users who previously paid a deposit, to provide an update on the company's winding up process. 

The meeting will be held on Jan 23 at 2.30pm at the Shine Auditorium in Shaw Tower, liquidators FTI Consulting said in a press release. 

"The purpose of the creditors meeting is to provide creditors with an update on the company’s winding up," FTI said.

"For the avoidance of doubt, the company’s winding up is still ongoing and no payments or distributions will be made at the creditors meeting," it added.

FTI has asked creditors to submit their claims by noon on Jan 22.

Attendance at the meeting is not mandatory, FTI said, adding that creditors will still be able to submit their claims after the meeting. 

“Not attending the meeting does not, in any way whatsoever, prejudice the creditors and/or their rights," the release said.

“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.”

READ: The dismantling, scrapping of unwanted oBikes is underway in a Tuas compound

READ: More than 58,000 oBikes removed from public spaces after company went into liquidation

A circular containing details and relevant forms for the meeting is available for download at

The circular includes information on the summary of tasks FTI has undertaken since its appointment in August last year, including the retrieval and scrapping of most of oBike's bicycles in Singapore.

They have also recovered oBike funds held with two separate third-party vendors and conducted further investigation into oBike's affairs and the remittance of funds from the Singapore to Hong Kong outfit.

READ: No loopholes to close, but more can be done to prevent another oBike refund fiasco: Lawyers

READ: Police investigating oBike for alleged misappropriation of funds

oBike announced in June last year that it would cease operations in Singapore, citing difficulties in meeting the new requirements by the Land Transport Authority to tackle indiscriminate parking of bicycles.

Since then, there have been complaints by customers who have tried unsuccessfully to get a refund on their mandatory deposits.

In September, the Land Transport Authority (LTA) said that more than 58,000 oBikes had been removed from public spaces around Singapore. It was reported previously that oBike estimated it had around 70,000 bicycles in Singapore.

Channel NewsAsia reported FTI Consulting’s senior managing director Joshua Taylor as saying in September that oBike owed users S$8.9 million in total.

READ: Commentary: Lessons from the fall of once-mighty bike-sharing giants

Source: CNA/ga(aj)


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