At the risk of digging up a three year old topic (should get on this site more often); whether one or both of the flaps retract in the case of the cable break depends on which cable.
There are three actuating cables and two return cables. Ignoring the latter two, if the actuator cable(AS.1387/16") from the flap lever breaks, both flaps come up. This cable bificates into two cables, one to each flap, from under the rear seat. If one of these cables breaks one flap will fully retract but the other will stay down making for an interesting moment or two.
The cable from the flap lever winds a torturous path over several closely spaced pulleys and wears faster than the other two and has the highest loading and is the most likely to break.
The aero club in Melbourne operated twelve Chippys and side slipping with flaps was forbidden. It was said that something dreadful would happen when the flaps blanketed the airflow over the rudder so naturally, being twenty something and therefore indestructable, I tried it. Huge amounts of nothing happened!
Personally, I think the concern may be the stressing of flap centre hinge bracket with the sideways loading.