Great time hugging very old bird (6)
I believe the answer is:
avocet
'bird' is the definition.
(avocet is a kind of bird)
'great time hugging very old' is the wordplay.
'great' becomes 'ace' (ace can informally mean very good).
'time' becomes 't' (abbreviation).
'hugging' is an insertion indicator (outside letters hug or embrace inside letters).
'very' becomes 'v' (abbreviation).
'old' becomes 'o' (abbreviation).
'ace'+'t'='acet'
'v'+'o'='vo'
'acet' going around 'vo' is 'AVOCET'.
(Other definitions for avocet that I've seen before include "RSPB emblem" , "Wading bird with curved bill" , "Long-legged wader" , "Black-and-white shorebird with upward-curving bill" , "Flier" .)