The Association of Corporate Travel Executives (ACTE) has announced it has ceased operations and is filing for Chapter 7 bankruptcy in the United States.
In an update posted on its website last week, the ACTE conceded that the cancellation of its Asia conference due to the security situation in Hong Kong, along with cancellations during the COVID-19 pandemic, have been blows that the non-profit has not been able to withstand.
The employees and board members of ACTE have worked tirelessly to reduce costs and find a home for the ACTE community within a larger organisation,” it said.
“Our discussions have been broad and deep with strong indication that we would be successful, but recent COVID-19 spikes have made investors and partners justifiably pessimistic around the viability of event-based organisations for some time to come.
“At this stage, the fiscally and morally responsible next step for us to do is to cease operations and defer to a trustee to determine the distribution of payments to creditors.
“For our members and sponsors, we want to say how deeply disappointed we are that we have not been able to continue our operations.
“When we opened ACTEConnect for the whole industry, we were inspired to see the resiliency of our community and the determination to rebuild. We regret we have not been able to find a lifeline to allow ACTE to continue to play a role in your recovery.
“It has been a joy to be part of this movement and we hope that the relationships you have made through ACTE continue and be fruitful for years and years to come.”
According to its website, the ACTE had more than 2,000 members
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