Abstract: A liquid, two-phase bleaching and detergent formulation including a first component having an activator capable of forming a per-acid in the presence of oxygen, and a second component comprising a peroxide compound. Generally, the activator compound is substantially insoluble in water, and a rheology modifier is used to suspend the activator in the first component. When mixed together, the activator and peroxide react to form a per-acid. The second component may also include a peroxide stabilizing system to prevent the degradation of the peroxide prior to mixing the first and second components.