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Kenny MacAskill previously said Alba was unlikely to fight the May election due to its financial position
The leadership of the Alba Party has announced the party is to be wound down as a result of its "dire financial plight".
Kenny MacAskill said the party's membership had haemorrhaged and its income had plummeted, having previously said Alba would be unlikely to field candidates in the upcoming Holyrood election.
MacAskill, who took over as leader from party founder Alex Salmond following his death in 2024, has recently claimed the party's financial difficulties were the result of it being defrauded.
Police Scotland has been investigating alleged "irregularities" in their finances since May last year.
The news comes against a backdrop of some members calling for MacAskill to resign if he would not lead them into May's election.
Senior party figures recently met the Electoral Commission and were advised that the options for the party were either to voluntarily de-register or face statutory de-registration.
At a meeting on Sunday, the party's national executive committee decided to wind down voluntarily.
MacAskill said that a "self appointed" group for the continuation of the party claimed to have raised £20,000 for election campaigning, but that "not one penny" had been received.
He said that any sums raised would be required to meet existing debts.
He said: "With the backdrop of membership continuing to hemorrhage (sic) and income plummet. In no small part due to the acrimony generated by those claiming to have the Party's best interests at heart though seemingly more intent on pursuing their own political ambitions.
"Current liabilities far exceed both cash at hand and projected income."
He added that a "campaign of disruption" and negative media coverage had resulted in a "marked decline in membership and income".
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Chris McEleny served as Alba general secretary under Alex Salmond
The police investigation into Alba's finances followed a row between the party and its former general secretary, Chris McEleny.
McEleny was dismissed last year after being accused of gross misconduct.
A source previously told BBC Scotland he was "completely content" that the finances of the party under Salmond's leadership "were both sound and compliant".
