UpShot Services Brings New Technology To Chapter 11 Process

DENVER, March 18, 2013 /PRNewswire/ -- Despite the U.S. Bankruptcy Court's recent shift towards electronic claims filing,[1] claims agents have been slow to introduce new technology to help clients and debtors make the leap to electronic claims filing.  However, a new entrant to the industry, UpShot Services, is stepping up to meet new electronic filing protocols with the first web-based platform that can handle all claims & noticing management completely electronically.  

"The corporate restructuring industry is primed for a paradigm shift towards electronic offerings and web-based solutions," said Travis Vandell, UpShot's CEO and co-founder.  "UpShot is ready to lead that change with progressive electronic claims filing capabilities and technology tools bringing a new standard of efficiency to the Chapter 11 process."

Already with four cases under its belt, UpShot can administer an entire case without printing a single piece of paper, with the willingness of the Bankruptcy Court and counsel.  It also is the first claims agent to utilize secure, electronic signatures on bankruptcy-related documents backed by a web of safety measures, granting immediate legal effect and eliminating potential time disputes. 

The absence of recent technology upgrades within their industry led veteran claims and noticing professionals Travis Vandell and Robert Klamser to create a more efficient model of claims and noticing.  They estimate that UpShot's technology driven processes can save as much as 10% in corporate bankruptcy administration costs for debtors and the estate.  And, they offer something  "free" to clients -- "freemium" creditor committee micro web sites to help maintain communication with unsecured creditors.

"While technology is at the core of our efficient platform, client service remains a hallmark for UpShot," Klamser adds.  "The Chapter 11 community is very close-knit and we view the satisfaction of our clients as integral to our business, as well as to our core values."

About UpShot Services LLC

Headquartered in Denver, Colo., UpShot Services, LLC is a boutique claims & noticing firm founded by industry veterans that serves the administrative needs of companies in corporate bankruptcy with a new standard of efficiency.  UpShot helps debtors and their professionals navigate the intricacies of claims and noticing without the burden of high administrative costs.  Its easy-to-use, scalable technology and industry expertise enable corporate debtors and their professionals to do more with less, with 24/7 support from experienced experts at every stage of the restructuring process. 

[1] On 9/15/12, U.S. Bankruptcy Court in Delaware began accepting claims electronically through its web site at no charge to creditors and "strongly encourages" electronic claims filing: http://www.deb.uscourts.gov/claims-information).   On 2/1/13, it amends its local rules to state "claims submitted through a court-approved electronic claims filing systems are considered the original proof of claim": http://www.deb.uscourts.gov/sites/default/files/local_rules/Redline_2012_2013.pdf

SOURCE UpShot Services LLC