Failed to meet old love after street party (5,2)
I believe the answer is:
stood up
'failed to meet' is the definition.
(as in standing someone up on a date)
'old love after street party' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'love' becomes 'o' (love means zero in tennis).
'after' means one lot of letters go next to another.
'street' becomes 'st' (abbreviation).
'party' becomes 'dup' (Democratic Unionist Party).
'o'+'o'='oo'
'oo' put after 'st' is 'stoo'.
'stoo'+'dup'='STOOD UP'
(Other definitions for stood up that I've seen before include "Failed to keep date with (someone)" , "Rose" , "made to wait in vain" .)