Latest finished item out, then reordered (2,2,3,6)
I believe the answer is:
up to the minute
'latest' is the definition.
(I've seen this before)
'finished item out then reordered' is the wordplay.
'finished' becomes 'up' (eg 'time's up' means the time is finished).
'reordered' indicates anagramming the letters (I've seen 'reorder' mean this (I've seen this in other clues)).
'item'+'out'+'then'='itemoutthen'
'itemoutthen' is an anagram of 'totheminute'.
'up'+'totheminute'='UP-TO-THE-MINUTE'
(Other definitions for up to the minute that I've seen before include "Regular position of second hand" , "Incorporating the latest developments" , "often refreshed?" , "not second-hand)" , "It's for the vertically challenged to decide" .)