THE global pandemic has precipitated the cessation of operations at the Association of Corporate Travel Executives (ACTE), which last month cited COVID-19 cancellations as “blows” to the organisation it had “not been able to withstand”.
After 32 years attempting to advance the interests of the global corporate travel sector, ACTE filed for Chapter 7 bankruptcy, effectively ceasing all of its activities.
“Recent COVID-19 spikes have made investors and partners justifiably pessimistic around the viability of event-based 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 advocacy group added.
The timing of ACTE’s demise was made even more disappointing by the fact it had only recently launched a new corporate community called ACTEConnect in April, which aimed at facilitating networking opportunities and sharing insights.
