System Error Code:2 when starting Timeslips 2012 renders it unusable

SOLVED

I get the following message when I start Timeslips 2012:

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Sage Timeslips has encountered an error

Address violation error. This error is sometimes serious and the program may need to be exited. Often it indicates that some data is corrupt in memory. If the program was reading from a file, data in that file may be damaged.

Area: System Error

 Error Code: 2

Class: tSystemExceptionC (EAccessViolation)

Version: 20.0.1.54

Date: 2/19/2014

Time: 9:25:48 AM

Access violation at address 005B9021 in module 'Timeslip.exe'. Read of address 00000000

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When it happens there is no functionality to the program and I can only close the program by using task manager

I've tried:

shutting down and restarting the system,

deleting all temp files for Timeslips and the system followed by a shutdown/restart,

reinstalled the software from a backup disk followed by a shutdown/restart

deleted the temp files again followed by a shutdown/restart.

Any help would be much appreciated.