Finished, expected to be late (7)
I believe the answer is:
overdue
'late' is the definition.
(similar in meaning)
'finished expected' is the wordplay.
'finished' becomes 'over' (over can mean finished or ended).
'expected' becomes 'due' (similar in meaning).
'over'+'due'='OVERDUE'
'to be' is the link.
(Other definitions for overdue that I've seen before include "Later than the appointed time, as for bill payment" , "Late like unpaid bill" , "Beyond the expected time" , "Behind schedule" , "after the time specified" .)