The Alba party has announced that it will wind up and not field any candidates for the 2026 Scottish parliament election.

The pro-independence party was formed in 2021 by the late Alex Salmond as a “new political force” but has been suffering from a sharp fall in membership and a financial crisis.

Police Scotland has been investigating alleged “irregularities” in the party’s finances since May.

Kenny MacAskill, who defected from the Scottish National party and succeeded Salmond as Alba leader, said the decision taken by the party’s ruling national executive committee on Sunday had been made “with considerable regret”.

The Electoral Commission advised the party that, given its financial situation, it should either voluntarily de-register or face statutory de-registration.

MacAskill said on Sunday: “Current liabilities far exceed both cash at hand and projected income.

“I wish to place on record my grateful thanks to the membership for their efforts for our party and for our cause. It has been a privilege to work with them. We can be proud of what we sought to achieve and also the support which we gave to our founder in his time of need.

“The dream shall never die, parties as with individuals are mortal, but our cause is eternal.”

Members of the “Alba continuation group” last month had called on MacAskill to resign if he was unwilling to take the party into Scottish parliament elections.

Chris McEleny, the party’s former general secretary and Salmond ally, said on Sunday: “Many will be furious at the decision of Kenny MacAskill to wind up Alba party but I would urge caution in regard to any public attacks on him.

“Alba could have provided a much-needed alternative in the Scottish parliament in that it was the only pro-independence party that was pro-oil and gas, as well as being the only pro-independence party that was opposed to the discredited gender self-ID ideology.”