Being shelled company ultimately surrendered utterly beaten (6)

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

Being shelled , company ultimately surrendered, utterly beaten *( UTTER L<y>); “ compan y ultimately (=last letter) surrendered” means letter “y” is dropped from anagram, indicated by “beaten”; a turtle has a shell, hence is a “being shelled”!