US: The Association of Corporate Travel Executives has ceased business, due to cancelled events and reduced business travel.
The board issued a statement on the 7th of July, declaring that the company had filed for Chapter 7 bankruptcy.
The statement reads: “At a time when there’s such a great need for a diverse, global voice for our industry as it seeks to recover from catastrophe, it is with broken hearts that we must announce that we are filing for Chapter 7 bankruptcy and that ACTE has ceased operations.”
The group noted that a variety of its conferences being cancelled, due to both the impact of COVID-19 and the impact of the Hong Kong protests, which overwhelmed the small organisation. These made up the majority of the company’s revenue, with its 2019 tax filing noted that conference fees made up $5.1 million of its total $5.5 million revenue.
The investor pessimism that followed meant the company was unable to secure relief funds, in spite of the broad discussions it had. ACTE also hoped for a potential acquisition from a larger organisation but was unable to find a willing partner.
The company was initially founded in 1988, and at its most populous numbered 2,000. The company’s mission was to provide corporate travel managers with the eduction and support needed to further their careers and industry.
The statement concluded: “For our members and sponsors, we want to say how deeply disappointed we are that we have not been able to continue operations. When we opened [the online forum] ACTEConnect for the whole industry, we were inspired to see the resiliency of our community and its 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.”</p
