Late, avoid failure (4,4)
I believe the answer is:
dead duck
'failure' is the definition.
(thesaurus)
'late avoid' is the wordplay.
'late' becomes 'dead' (similar in meaning).
'avoid' becomes 'duck' (ducking is a kind of avoiding).
'dead'+'duck'='DEAD DUCK'
(Other definitions for dead duck that I've seen before include "Something useless or unsuccessful, like expired mallard" , "It's useless or failed, like moribund mallard" , "one certain to fold" , "Moribund mallard as failure" , "Something unsuccessful, like moribund mallard" .)