A composition capable of expedited in-situ generation of dioxirane and a method of preparing the composition are presented. The composition includes a transition metal catalyst, peracid donor, and carbonyl donor, and forms an effective multi-purpose oxidizing (e.g., bleaching) solution. Methods of using the bleaching solutions and their application are also presented. The composition provides a cost-effective means of producing a dioxirane-based multi-purpose bleaching solution for use on laundries, carpets, hard surfaces, bathroom surfaces, floors and the like.