Usually smelly compost isn't done, but in this case, the smell is probably coming from the upper tray draining into the lower tray. You will need to dry it out a bit before you can use it. This should drive off the anaerobic bacteria and give the aerobic bacteria a chance to get rid of the smell.

Soaking wet and smelly is bad because it's anaerobic. Don't use on plants until bad smell is gone. And figure out why it's too wet.

"a vermicomposting system with two trays." There seems to be a few trays missing. If you had a third tray I would say fill it with shredded cardboard egg carton and place on top. Then put the bottom tray above it. In a few weeks it will drain and as best as that compost can be it will be.