This is most probably Fences related software problem.
I used Fences on a custom build PC running the Evaluation version of Win 7 64bit. Fences worked fine.
After replacing the evaluation version with a final commercial version of the same Win7 64bit on the same machine (NO hardware changes!) Fences wont run and will pop up with the error mentioned bij TS.
Ill have a look if any other requirements have to be made (like NET.framework) and if so ill come back.
Edit: I updated the install using Windows Updater and then de- and re-installed fences.
After doing so i did not restart the PC when Fences ask for it, but right clicked in an empty area of the desktop. fences came up instantly.
So if any of you still have problems do try to update your OS using the Win Updater. Most likely it will work fine then.