Alex Salmond died with debts of nearly £350,000, formal notice reveals
The former first minister Alex Salmond died of a heart attack at a conference in North Macedonia last year
Alex Salmond died with debts of nearly £350,000 and just £2,282 in assets, it has emerged.
A formal notice published on the register of insolvencies lays bare the poor state of the former first minister’s finances when he died of a heart attack last year at the age of 69.
Kenny Craig of Begbies Traynor, an insolvency firm, has now been appointed “trustee in sequestration” of Mr Salmond’s estate following an application to the Accountant in Bankruptcy made by Moira, his widow.
Begbies Traynor said it was an “unusual and complex appointment” due to the ongoing legal proceedings raised by Mr Salmond.
At the time of his death, the former first minister was suing the Scottish Government over its botched handling of sexual misconduct complaints made against him.
He previously received £512,000 in legal costs from the Scottish Government in a court ruling after it was found the process had been “tainted with apparent bias”, and was acquitted of multiple criminal charges in 2020.
However, defending himself in these court cases is said to have come at a huge financial cost. The register of insolvencies says Mr Salmond’s level of debt at the time of his death was £344,347.58.
Begbies Traynor said the winding up of the former first minister’s estate will involve the trustee considering the value of all assets, including “rights of action against the Scottish Government”.
Managing partner Thomas McKay said: “This is an unusual and complex appointment, particularly because it involves ongoing legal proceedings by a high-profile individual against the Scottish Government.
“Kenny Craig, supported by our personal insolvency team at Begbies Traynor Group, will of course do all that he can to manage the sequestration as respectfully and sensitively as possible.”
Mr Salmond’s “trading businesses” are listed as the Chronicles of Deer Limited and Slainte Media Ltd. The latter produced his chat show on controversial Russian TV network RT.
Publication of the formal notice on the state of Mr Salmond’s finances comes after it was reported earlier this week his widow may have to sell her family home to pay off his debts.
The couple’s property in Strichen is not an official part of Mr Salmond’s estate. But the trustees appointed to wind up the former first minister’s affairs have the option of pursuing Ms Salmond for half the property’s value at the time of his death.
If his widow is unable to pay this sum, the 88-year-old would likely have to sell the B-listed former mill in Aberdeenshire.
The Strichen property was purchased by the husband and wife in 2001 for £165,000. On his death, Ms Salmond automatically assumed sole ownership.
Mr Salmond re-mortgaged the property to help raise funds for his legal fees. It is believed he spent around £300,000 defending his criminal case.
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