The Association of Corporate Travel Executives (ACTE), an organization founded in 1988 for the global corporate travel community, has filed for Chapter 7 bankruptcy and has ceased operations, according to an announcement from the ACTE Board on its website on July 7.
ACTE cited its back-to-back canceled events, where it derived the majority of its revenue, as the impetus for its decision. Last summer, the association was forced to cancel its August Asia conference in Macau due to security concerns for its attendees and vendors after the continued protests plagued Hong Kong. This year, ACTE’s New York Global Summit, scheduled for April, was also canceled after the unfortunate timing with the pandemic.
According to the letter: “The employees and board members of ACTE have worked tirelessly to reduce costs and find a home for the ACTE community within a larger organization. … At this stage, the fiscally, and morally, responsible next step for us to do, is to cease operations. ... 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.”
The entire announcement can be viewed on its website at acte.org.