The Association of Corporate Travel Executives (ACTE) has ceased operations after more than three decades in ‘business.’
In a notice on the association’s website, ACTE cited the dual impacts of the cancellation of its August 2019 ACTE Global Summit in Macau due to political unrest in Hong Kong and fallout from the COVID-19 pandemic for its decision.
“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,” according to the association’s statement. “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 organizations for some time to come.”
The vast majority of the small, non-profit association’s revenue was generated through conference fees.
ACTE had also cancelled this year’s New York Global Summit, which was to have taken place in April.
The association has filed for Chapter 7 bankruptcy and will now 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,” the board said in its statement. “We regret we have not been able to find a lifeline to allow ACTE to continue to play a role in your recovery.”
ACTE was founded in 1988, and had more than 2,000 members at the time it ceased operations.