The internet news service Net Imperative became the second big casualty of the slump in the start-up economy when it went into liquidation today.

Net Imperative appointed Kroll Buchler Phillips as provisional liquidators after a board meeting this morning, the service's editor, Niki Panourgias, announced on its website.

"It is work as usual," Mr Panourgias said, as the site endeavours "to provide as impartial coverage of the story as would be the case with any company in the same situation".

Net Imperative was founded eight months ago with a staff of 24 to provide specialist news for the UK internet industry. It went live in February from its office in Shoreditch, London.

It appointed Albert Scardino, a Pulitzer Prize-winning journalist in the 1980s, as non-executive chairman, and was primarily funded by the British stockbroker and niche internet investor Durlacher Plc, which holds a 28.5% stake.

The liquidation of Net Imperative follows last week's collapse of the online fashion retailer boo.com, which is set to close this Wednesday if a buyer cannot be found.

Yes TV abandoned its planned stock market flotation, due this morning, after a jittery week for technology shares ended with a freefall in prices on Friday.