Ten years on from the financial tumult that led to the government of the day having to guarantee the viability of the State’s banks in an historic and unprecedented move, we look at the events of September 2008. Each day this month, we will recall some of the stories that pointed to the dramatic unravelling of the global banking system, The Irish Times reported.

The High Court has granted a temporary injunction preventing an Irish registered aviation company linked to a controversial Russian businessman from going into voluntary liquidation, The Irish Times reported. Mr Justice Michael Quinn made an interim injunction preventing the members of City Leasing DAC, which has registered address in Limerick from holding a meeting of its members, who were due to consider a resolution to wind up the company. The company is beneficially owned by Rashid Mursekayev, who has extensive interests in the aviation industry.

The company behind the McMahon’s Builders Providers chain recorded an 83 per cent increase in profit last year as trading rebounded in tandem with the growth in the Republic’s construction sector. Recently filed accounts for Derevoya Holdings Limited show the Limerick-based business with 14 branches across Ireland posted a pre-tax profit of €7.88 million for 2017, with continued growth experienced so far this year. Additionally, a “tight control” on the company’s cost base resulted in an improvement in the group’s operating profit, which increased 62 per cent to €8.84 million.

A proposed deal for an Irish business family to buy discount retailer Poundworld out of administration in the United Kingdom has collapsed in acrimony, The Irish Times reported. Deloitte, administrators to the chain in the UK, said that the Dublin-based Henderson family had agreed a “deal in principle” earlier this month to buy a tranche of stores in an eleventh hour agreement before they were shuttered.

Smurfit Kappa has defended itself after the Venezuelan government took temporary control of the Irish cardboard boxmaker’s subsidiary in the South American country, which is in economic freefall and recording hyperinflation, The Irish Times reported. Local reports have said that the government seized Smurfit Kappa Carton de Venezuela for three months, amid complaints about prices that the company is charging for packaging products in an alleged abuse of its dominant market position.

Ireland’s banks have intensified a drive to offload soured loans from the financial crisis as regulators increase pressure on the sector to accelerate the repairing of balance sheets still burdened by bad lending practices before the crash, the Financial Times reported. Under the scrutiny of the European Central Bank and domestic authorities, Irish lenders have recently sold non-performing loans with a gross value of about €6.5bn to US investment vehicles owned by Cerberus, Goldman Sachs and Lone Star Funds.

Bank of Ireland is preparing to sell a first batch of senior bonds through its holding company, which was set up last year under new European rules aimed at minimising taxpayer bailouts in the event of a future crisis, The Irish Times reported. The bank, led by chief executive Francesca McDonagh, has hired JP Morgan, a unit of Royal Bank of Scotland, Nomura and UBS to market the five-year senior unsecured debt, subject to market conditions, according to market sources.

Opposition politicians and consumer advocates have criticised Ulster Bank for agreeing to sell a €1.4 billion portfolio of distressed Irish home loans to the US investment giant, Cerberus Capital Management. The portfolio, known as Project Scariff, includes about 2,300 owner-occupied home loans, as well as 2,900 buy-to-let mortgages secured on investment properties, The Irish Times reported. The deal is the third such sale by an Irish bank in recent weeks, following similar moves by Permanent TSB and KBC Bank Ireland.

There’ll likely be no cake to celebrate the 10th birthday this month of Irish-Swiss baker Aryzta. It is probably looking to raise some dough. In the week following July 31st, the end of its financial year, about €200 million was wiped off its value, The Irish Times reported. Its shares, mainly traded in Zurich, plummeted by 23 per cent to 11.12 francs (€9.63). By the close of business on Thursday, it was worth less than €840 million against €1.1 billion nine days earlier. That’s roughly a quarter of what it was worth just five months ago.

Ireland’s Henderson family said on Thursday it had agreed to buy around 50 Poundworld stores, having struck a deal with the administrator of the collapsed British discount retailer, Reuters reported. The 335-store Poundworld went into administration in June after its majority owner, the private equity group TPG Capital, failed to find a buyer for the struggling business which had a total workforce of about 5,100. Administrator Deloitte said last month that all Poundworld stores would close by the middle of August.