This paper deals with the study of behaviour of an idealized 2D hydroelastic system involving two inviscid liquids with an elastic rectangular container. The main objective is to investigate the influence of the physical parameters on eigenfrequencies and eigenmodes of the system. The study extends the previous results obtained for hydroelastic systems with one fluid. The governing equations describing the behaviour of the system are analyzed by using the concept of normal modes and their solutions presented in the form of infinite series. The expansion coefficients for the velocity potentials are calculated by employing a new inner product that allows the orthogonalisation of the normal modes. An eigenfrequency equation is then derived from the existence condition of a nontrivial solution. The numerical calculations are performed by varying only some relevant parameters.