11 across
Left
and
right
wings
of
party
turn
back,
collapsing
into
ruin
(10)
Left and right wings of party turn back, collapsing into ruin (10)
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The definition is at the end of the clue.
How the clue works
The ruin here is BANKRUPTCY. Take the left and right wings of "party" — its first and last letters, P and Y — and add them to "turn back", giving the letters PYTURNBACK; "collapsing" tells you to anagram the lot, which rearranges neatly into BANKRUPTCY.