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 have filed for Chapter 7 bankruptcy and ACTE has ceased operations. 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 employees and board members of ACTE have worked tirelessly to reduce costs and find a home for the ACTE community within a larger organization. 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 event-based organizations for some time to come. 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.
For our members and sponsors, we want to say how deeply disappointed we are that we have not been able to continue our operations. When we opened ACTEConnect for the whole industry, we were inspired to see the resiliency of our community and the 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. It has been a joy to be part of this movement and we hope that the relationships you have made through ACTE continue and be fruitful for years and years to come.
The Board of the Association of Corporate Travel Executives
July 7, 2020
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