Decayed flesh concealed by dodgy owner (4-5)
I believe the answer is:
worm-eaten
'decayed' is the definition.
(decomposed and eaten by worms)
'flesh concealed by dodgy owner' is the wordplay.
'flesh' becomes 'meat' (flesh is meat).
'concealed by' indicates putting letters inside.
'dodgy' indicates anagramming the letters (a dodgy or wrong order of the letters).
'owner' anagrammed gives 'woren'.
'meat' placed inside 'woren' is 'WORM-EATEN'.
(Other definitions for worm-eaten that I've seen before include "Decrepit" , "Shabby" .)