FacultyFaculty/Author Profile
N. Neville Reid

N. Neville Reid

Fox, Swibel, Levin & Carroll, LLP

Chicago, IL, USA

Neville Reid is a capital partner who co-chairs the Bankruptcy, Restructuring and Creditors’ Rights Group at Fox, Swibel, Levin & Carroll, LLP in Chicago. He has represented a wide array of clients in all aspects of bankruptcy, restructuring and creditors’ rights cases and transactions for over 20 years, and has been a bankruptcy panel trustee (for chapter 7 and chapter 11 bankruptcy cases) for over 18 years. Prior to joining the Firm in 2009, Neville had practiced in the bankruptcy and creditors’ rights group of Mayer Brown LLP for 19 years, including 13 years as a partner. His clients  include corporate unsecured creditors, secured lenders, bankruptcy trustees, corporate debtors, creditor committees, and corporations seeking to acquire assets from distressed entities. His experience includes negotiating workouts, and litigating in bankruptcy and non- bankruptcy forums regarding preference, fraudulent conveyance, lender liability and successor liability issues.

In 2014, 2013, 2012, 2006 and 2005, Neville was named to the list of Illinois Super Lawyers. The selections for this list are made by the research team at Super Lawyers, a service of the Thomson Reuters, Legal Division. His selection was published in Chicago Magazine and was based on a rigorous multi-phase selection process that includes a statewide survey of lawyers, independent evaluation of candidates by the attorney-led research staff, a “blue ribbon” commission of leading bankruptcy attorneys in Illinois, and a good- standing and disciplinary check.

Since 2011, Neville has also been named a Leading Lawyer by The Law Bulletin Publishing Company in commercial bankruptcy and workout law.

Neville’s representative engagements include the following:

  • Representing the U.S. Department of the Treasury in the closing of transactions in its multi-billion dollar national Small Business Lending Fund program, designed to stimulate loans to small businesses by small to mid-size banks throughout the country (in total our Firm closed 162 SBLF transactions in 2011, representing $1.7 billion of Treasury investments in participating banks)
  • Representing Associated Bank, as secured lender, in the analysis of the lender’s options for maximization of the value of collateral securing multi-million dollar loans to a national real estate developer involving multiple jurisdictions (including potential restructuring of debt and evaluation of forbearance proposals), and in the eventual foreclosure on properties, structuring of receivership for certain properties and structuring and implementation of strategies for post-foreclosure sale of recovered property;
  • Representing Transamerica Distribution Finance Corporation, a floor plan financing lender, in evaluation of bankruptcy risk involving distressed borrowers, and defense against preference suits brought by debtors in various national bankruptcies, including Outboard Marine Corporation;
  • Representing Bank of America, Wells Fargo, Urban Partnership Bank, Branch Banking & Trust Company and Harris Bank in workouts, loan restructurings and bankruptcy cases involving middle market manufacturing firms, franchisees and real estate investment entities;
  • Serving as court-appointed liquidating trustee of I.S.B. Financial Corp., the holding company of InBank (a financial institution seized by the FDIC pre-petition), under its chapter 11 liquidating plan as confirmed by the U.S. Bankruptcy Court for the Northern District of Illinois;
  • Representing Cargill, Inc., the country’s largest privately-held company, in its successful strategic acquisition of $22 million of assets of Agway, Inc. through a bankruptcy auction and its competitive bidding for over $450 million of assets from the bankruptcy estate of Farmland Foods ;
  • Representing Cargill in defense against preference claims and in providing general advice on lowering bankruptcy risks in transactions;
  • Representing various privately-held businesses in defending against or pursuing claims in bankruptcy cases;
  • Serving as bankruptcy trustee in numerous corporate and individual debtor cases since 1994, including liquidating tangible assets and litigating claims against insiders;
  • Successfully defending New York Common Retirement Fund, a multi-billion-dollar pension fund lender, against multi-million dollar lender liability claims in Illinois state court, ultimately pressuring the borrower into a very favorable settlement for the lender client;
  • Representing the bankruptcy trustee of marchFIRST, a former internet consulting firm, which pre-bankruptcy had a market capitalization in excess of $7 billion, in a multi-year liquidation of the estate’s assets and litigation of avoidance claims;
  • Representing a joint venture in its successful acquisition of $62 million of assets from the bankruptcy estate of Montgomery Ward;
  • Representing, as debtor’s counsel, Evans, Inc., a national fur company, in its chapter 11 proceeding in New York, including negotiation of a multi-million dollar debtor-in-possession financing agreement and sale of substantially all of the estate’s assets through a chapter 11 bankruptcy auction;
  • Representing a publicly-held debtor, in the negotiation of a multi-million dollar debtor-in-possession financing facility in debtor’s chapter 11 proceeding;
  • Representing the court-appointed examiner in the structuring and administration of the auction of $50 million of assets of RHC Spacemaster, a manufacturing company;
  • Representing the unsecured creditors’ committee of Doctors Hospital of Hyde Park, a sizeable Chicago area hospital, including co-leading (with debtor’s counsel) the investigation into potential causes of action against insiders and the recovery (through litigation and settlement) of over $6 million in proceeds of fraudulent conveyance and unlawful dividend claims from the debtor’s principal; and
  • Representing the national committee of unsecured creditors in the liquidation of Highland Superstores, a former national consumer electronics chain with over 90 stores across the U.S., including structuring and holding auctions for asset sales, and litigating preference claims and claim objections.

The breadth of Neville’s practice – involving each of the constituencies in workout and bankruptcy cases, including debtors, trustees, secured lenders and unsecured creditors, and buyers of distressed assets – and his transactional and litigation experience in complex matters, enables him to effectively devise and implement strategies to achieve optimal results for clients in an efficient manner. In addition, as one of a select group of bankruptcy trustees in Chicago for over 18 years, Neville is from time to time appointed by bankruptcy judges in Chicago to oversee the liquidation of Chicago-area companies for the benefit of secured and unsecured creditors. In that capacity he has developed a practical sense of how to uncover avoidable transfers, investigate insider fraud,  and pursue claims and optimize the value of assets for creditors, as well as how best to negotiate on behalf of creditors dealing with other bankruptcy trustees.

Reported Cases

In re Rowe, Case No. 13-1270, 2014 BL 118268 (4th Cir. April 28, 2014) (amicus curiae in support of appellant)
Zerand v. Cox, 23 F. 3d 159 (7th Cir. 1994) (Chief Judge Posner)


  • “Fourth Circuit Confirms Commission-Based Formula for Trustee Compensation” NABT Talk, Summer 2014
  • Trend Favors Limiting Successor Liability; Risks Dictate Abundance of Caution,” Bankruptcy Court Decisions, January 15, 2008
  • Intellectual Property and Bankruptcy—Salient Issues,” printed in Seminar Materials for the Practising Law Institute’s 26th Annual Current Developments in Bankruptcy and Reorganization Program, May 10-11, 2004
  • Debtor-in-Possession Financing and Operations Under the United States Bankruptcy Code,” printed in Seminar Materials for the Practising Law Institute’s 26thAnnual Current Developments in Bankruptcy and Reorganization Program, May 10-11, 2004


  • “Issues in Municipal Bankruptcies and Restructurings,” Illinois Municipal League 101stAnnual Conference, September 18-20, 2014
  • “Busting the Trust: Recovering Assets and Income from Trusts for the Estate,” Chapter 7 Trustees GSA Conference, November 2013 and National Association of Bankruptcy Trustees Annual Conference, September 2014
  • “Boot Camp: Administration of Individual Cases from Start to Finish,” 2013 National Association Bankruptcy Trustees Annual Convention, August, 2013
  • “You Have to Pay Bills? Ethics in Getting Paid in Chapter 7/11 Trustee Cases,”  American Bankruptcy Institute Central States Bankruptcy Workshop, June 2013
  • “Principal Considerations in Work-Outs and Bankruptcy,” Entrepreneurial Finance 444  at  the  University  of  Illinois  at  Chicago,  March  2013  and  November  2013, respectively
  • “Last Man Standing – Trustee as Successor in Chapter 11, Chapter 13 and Receiverships: Avoidance Actions, Equitable Tolling and Operational Issues,” National Association Bankruptcy Trustees, February 2013
  • “Distressed Businesses: Issues and Strategies for Companies At or Near Insolvency,”  North Shore Illinois CPA Society, June 2012
  • “Distressed Real Estate: Overview of Workout, Foreclosure and Bankruptcy Issues,” Chicago Bar Association Real Estate and Lender Subcommittees, October 2009 and January 2010, respectively
  • Strategies for Drafting Contracts to Lower Bankruptcy Risk,” ABA Conference on Minority Partners in Majority/Corporate Law Firms, March 27, 2008
  • The Bankruptcy Process: Certain Issues Arising in Distressed Asset Acquisitions,” for Mayer Brown LLP’s May 2008 Corporate University Program
  • Intellectual Property and Bankruptcy—Salient Issues,” for the Practising Law Institute’s 26thAnnual Current Developments in Bankruptcy and Reorganization Program, May 10-11, 2004
  • Debtor-in-Possession Financing and Operations Under the United States Bankruptcy Code,” for the Practising Law Institute’s 26thAnnual Current Developments in Bankruptcy and Reorganization Program, May 10-11, 2004
  • Fraudulent Conveyance, Successor Liability and Preference Risk in Acquisitions From Distressed Entities,” for Mayer Brown LLP’s Corporate University Program (conducted for various corporate clients), May 20, 2004
  • The Nature and Scope of a Trustee’s Duties in a Potentially Solvent Estate,” 1999 United States Trustee Seminar, March 6, 1999
  • Fiduciary and Ethics Questions for Consideration at U.S. Trustee Seminar,” 1999 United States Trustee Seminar, March 6, 1999
  • The Basics of Substantive Consolidation,” Chicago Bar Association Seminar, March 10, 1999
  • Will a Work-Out Work? Issues from the Lender’s Perspective,” and “Claims Trading,” Southeastern Bankruptcy Law Institute Seminar, March 26-28, 1998
  • Acquiring Assets from Companies in Bankruptcy,” Fifth Annual Wall Street Journal/Our World News Black Entrepreneurship In America Conference, March 1997
  • Successor Liability Issues in Bankruptcy Cases,” American Bankruptcy Institute Winter Leadership Conference, December1996


Harvard Law School, J.D., 1987
Harvard College, B.A., magna cum laude, 1984 Rhodes Scholarship finalist, 1983

Bar and Court Admissions

Illinois, 1987
U.S. District Court for the Northern District of Illinois, 1991
U.S. Court of Appeals for the Seventh Circuit, 1993
U.S. Court of Appeals for the Sixth Circuit, 1997
U.S. Court of Appeals for the Fourth Circuit, 2013

Civic and Professional Activities


Bankruptcy Trustee, Northern District of Illinois, 1994-present

Member  of  Board  of  Directors,   National  Association  of  Bankruptcy  Trustees, September 2014 – present

Member, NABT Amicus Committee, September 2013 – present

Chairman, Trustee Advisory Council, Northern District of Illinois, October 2014 – present

Co-Chair of Subcommittee of Chicago Bar Association Bankruptcy and Reorganization Committee, which completed a study on the perceived loss of potential Chicago corporate chapter 11 cases to Delaware and potential strategies for  reversing  that trend, July 2000

Panelist for National Bankruptcy Review Commission Midwest Meeting, 1997

Member of Bankruptcy Focus Group (arranged by former Chief Judge Susan Sonderby and other local bankruptcy judges to evaluate Chicago bankruptcy system), 1995


Member, Executive Committee, Original Forty Club, 2011-current Member and Volunteer, Kairos Prison Ministries, 2011-current

Sunday School and Men’s Bible Study Teacher (adults and teens), South Shore United Methodist Church, 2011-current

Board Member, Chicago Scholars, 2009 - 2010

Superintendent of St. Mark United Methodist Church School, 2006-2011

LINK Unlimited sponsor and mentor (for underprivileged children), 2000-2009 Board Member, LINK Unlimited, 2005-2006

Sunday School teacher (adults and teens), St. Mark United Methodist Church, 1999- 2011

Fellow, Leadership Greater Chicago, 1997-1998

Chairman, Beverly Area Local Development Corporation, 1996-1999

Member, Board of Directors, Good Shepherd Community Services Organization, 1995- 1999

President, Harvard Fellowship in Public Interest Law, 1986-1987


Resides in Chicago’s Beverly community with his wife, Rev. Adonna Davis Reid, and their five children, Julian, Winston, Everett, Emmanuel and Rebecca.


  • twitter
  • LinkedIn
  • YouTube
  • RSS

All Contents Copyright © 1996-2019 Practising Law Institute. Continuing Legal Education since 1933.

© 2019 PLI PRACTISING LAW INSTITUTE. All rights reserved. The PLI logo is a service mark of PLI.