ACTE files for bankruptcy

THE Association of Corporate Travel Executives (ACTE) has filed for Chapter 7 bankruptcy, after 32 years of working to serve and advance the global business travel industry.

The association cited the COVID-19 pandemic cancellations and impacts of the cancellation of its Asia conference due to the security situation in Hong Kong as “blows that ACTE, as a small, nonprofit association has not been able to withstand”.

ACTE confirmed it had ceased operations in a statement on its website, noting that its team had worked tirelessly to reduce costs and find a home for the community in a larger organisation.

“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 eventbased organisations for some time to come,” ACTE said.

“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.”

The association said it was deeply disappointed it was unable to continue its operations, having opened its ACTEConnect online community to all industry professionals free of charge in Apr (TD 03 Apr).

The portal was a community aimed at facilitating networking and sharing insights and experiences.

“When we opened ACTEConnect for the whole industry, we were inspired to see the resiliency of our community and the determination to rebuild,” ACTE said.

“We regret we have not been able to find a lifeline to allow ACTE to continue to play a role in your recovery.”

The association said it would post the Trustee and Court Case Number on its website by the end of the week, for questions relating to operations & finance.