Failure drinks last of bottle (5)
I believe the answer is:
lapse
'failure' is the definition.
(lapse is a kind of failure)
'drinks last of bottle' is the wordplay.
'drinks' becomes 'laps' (lapping is a kind of drinking).
'last of' suggests the final letters.
The final letter of 'bottle' is 'e'.
'laps'+'e'='LAPSE'
(Other definitions for lapse that I've seen before include "Slip back" , "Run out" , "breach of protocol?" , "Sepal (anag)" , "falling away" .)