Association of Corporate Travel Executives shutting down
The Association of Corporate Travel Executives has ceased trading and plans to file for Chapter 7 bankruptcy.
ACTE blamed a significant hit from the Covid-19 pandemic but also cited last year’s Hong Kong protests which forced it to cancel the 2019 ACTE Global Summit.
It also scrapped the New York Global Summit this spring.
"The dual impacts of the cancellation of the Asia conference due to the security situation in Hong Kong and the Covid-19 pandemic cancellations have been blows that ACTE, as a small, non-profit association, has not been able to withstand," a statement said.
"Employees and board members of ACTE have worked tirelessly to reduce costs and find a home for the ACTE community within a larger organisation but recent Covid-19 spikes have made investors and partners justifiably pessimistic around the viability of event-based organisations."
Conference fees made up about 90% of its revenues.
It will now liquidate its assets and disband the organization.
ACTE was established in 1988 and had about 2,000 members.
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