The US-based Association of Corporate Travel Executives is to file for Chapter 7 bankruptcy, according to a notice on the association’s website.
The association, which had 2,000 members, has ceased trading, and cited the effects of the Covid-19 pandemic and also the cancellation of the Asia conference in Macau, which the association said had been affected by the security situation in Hong Kong.
“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,” the statement posted on the ACTE website, 7 July, said.
ACTE also lost its New York Global Summit in April and with the association relying on conference fees for the bulk of its revenue, the situation appears unsustainable.
ACTE, which had suspended its activities in March, said it had been in discussions to “find a home for the ACTE community within a larger organisation,” but had been ultimately unsuccessful.
“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 statement said, adding: “We want to say how deeply disappointed we are that we have not been able to continue our operations,” the statement added.
Photo: ACTE executive director LeAnn Wilson