What does the cryptic crossword clue "Arbitrary decree given in country when close to collapse (5)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Arbitrary decree given in country when close to collapse (5)

Times Cryptic #28805 | 5 Down | 2024-01-05

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I haven't cracked this one yet — but the brilliant team at Times for the Times have:

UK (country) + AS (when) + last letter of (close to) COLLAPSE

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