Limestone Loan Capital Corporation
- Proceeding
- Proposalsection 62(1) of the Bankruptcy and Insolvency Act (Canada)
- File
- BK-26-03384090-0033
- Industry
- Financial services · Lending & mortgages
Limestone Loan Capital Corporation is in Division I proposal proceedings under the Bankruptcy and Insolvency Act in Ontario, with the proceeding active. The Ontario company filed on June 9, 2026, when President Jeremy Wilson swore a Statement of Affairs showing assets of $12,796,763 against liabilities of $35,156,275, a stated deficiency of $22,359,512. The assets are principally a SkyCap Loans receivable of $11,960,671 plus federal tax refunds of $586,092 for 2025 and an estimated $250,000 for 2026. The debt is owed to bondholders, for whom Olympia Trust Company acts as indenture trustee, secured by a general security agreement over the company's assets registered under the Ontario PPSA. Bonds outstanding as of June 12, 2026 were stated at $27,600,000 excluding accrued interest and $35,200,000 including it. At the June 25, 2026 bondholders' meeting, with claims still being submitted, secured claims stood at $12,099,232.45 and unsecured claims at $20,660,482.70.
A claims procedure has been established — see the order for deadlines.
Notice of Motion of the Proposal Trustee (re Proposal Approval motion) — Application / notice of application
Proof of Claim, Proxy and Voting Letter – fillable with instructions — Proof of claim (blank form)
Claims Package – Part 1 (Notice, Report, Proposal and Statement of Affairs) — Notice to creditors
Claims Package – Part 2 (Instruction Letter, Proof of Claim, Proxy and Voting Letter) — Proof of claim (blank form)
Outcome brief
Limestone Loan Capital: the bonds become trust units and the interest stops
Limestone Loan Capital raised $33,335,000 in bonds, lent $34.1 million to an affiliate, SkyCap Financial, and could not make the bonds' December 15, 2025 payments. The proposal approved on July 20, 2026, accepted by all 347 bondholders who voted, trades the bonds for entitlements to mutual fund trust units, one per dollar of claim at September 15, 2025.
Debtor
Limestone Loan Capital Corporation
Proposal trustee
PwC
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Olympia Trust Company, as Indenture Trustee for Bondholders (secured under GSA/Trust Indenture)as of Filing Date (June 9, 2026) — General Security Agreement over LLCC's assets, financing statement registered in Ontario PPSA; secures Secured Bondholder Claims (Bonds tranches totaling $33,335,000 initial principal / $27,683,043 principal outstanding, $35,164,852 total incl. accrued interest per bond tranche table) — Per Statement of Affairs (Form 78), secured creditors line = $12,796,763.00, being the assessed value of Secured Bondholder Claims as at Filing Date; total claim (incl. unsecured portion) was $35,156,275.00. Per Proposal Trustee's Report, updated 'as at Bondholders' Meeting' f | $12.8M | Motion Record (re Proposal Approval) |
| 8 | Unsecured |
1 more claim in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: paid in full.Under the plan · sanctionedSupplement to the Proposal Trustee’s Report (re Amended Proposal) · 18 Jun 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | — | — | paid in full | Under the plansanctionedper the debtor | Supplement to the Proposal Trustee’s Report (re Amended Proposal) · 18 Jun 2026 |
| Unsecured | Bondholders | — | paid in full | Under the plansanctionedper the debtor | Supplement to the Proposal Trustee’s Report (re Amended Proposal) · 18 Jun 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Proposal Approval Order
| PDF · Subscribers | |
| Factum of the Proposal Trustee | PDF · Subscribers | |
Motion Record (re Proposal Approval)
| PDF · Subscribers | |
| Draft Proposal Approval Order | PDF · Subscribers | |
Notice of Motion of the Proposal Trustee (re Proposal Approval motion)
| PDF · Subscribers | |
| Amended Proposal | PDF · Subscribers | |
| Proof of Claim, Proxy and Voting Letter – fillable with instructions | PDF · Subscribers | |
Supplement to the Proposal Trustee’s Report (re Amended Proposal)
| PDF · Subscribers | |
Claims Package – Part 1 (Notice, Report, Proposal and Statement of Affairs)
| PDF · Subscribers | |
| Claims Package – Part 2 (Instruction Letter, Proof of Claim, Proxy and Voting Letter) | PDF · Subscribers | |
Proposal Trustee’s Report on Proposal
| PDF · Subscribers | |
| Proposal | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Limestone Loan Capital Corporation” (Proposal), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/limestone-loan-capital-corporation