Dismissed as “an ignominious defeat all round” (3,3)

I believe the answer is:

ran out

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'dismissed' is the definition.
Although both the answer and definition are past participle verbs, I don't understand how they can define each other.

'an ignominious defeat all round' is the wordplay.
'ignominious defeat' becomes 'rout' (rout is a kind of defeat. I am not sure about the 'ignominious' bit.).
'all round' means one lot of letters goes inside another.
'an' inserted within 'rout' is 'RAN OUT'.

'as' acts as a link.

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I've seen this clue in the Evening Standard.

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