The stealing of nearly $20 million from Clive Peeters by the company accountant is a major factor in the collapse of the Australian electrical retailer, the Victorian Supreme Court heard today.

During a two-year period, Sonya Causer of Lilydale of outer Melbourne, thieved more than $19 million and used the money to buy 44 properties, cars and jewellery.

The 39-year old senior accountant has pleaded guilty to 24 counts of theft.

Prosecutor Peter Kidd said she used her access to the Clive Peeters' payroll and superannuation accounts to steal the money.

"The theft, your honour, was one of a number of factors which contributed to the collapse of Clive Peeters," he said.

"The Crown puts forward it was a factor in combination with a number of other factors."

The electrical and computer retailer has retrieved all but $3.3 million of the stolen cash, the court heard.

Clive Peeters went into voluntary administration in May this year, being a victim of the $20 million fraud as well as the downward trend in the retail sector.

At the time, the retailer said its operating loss for the three months to March 31 was expected to be $4.5 million compared with a loss of $600,000 for the previous corresponding period.

Clive Peeters has 1300 staff members in 44 branches across Australia.