The error message suggests that the registry value
HKEY_LOCAL_MACHINE\SOFTWARE\Kinook Software\Visual Build Professional 7\Actions\Pcpwtext-Setup\ConfigFile
has a value of
UserActions\bin\Pcpwtext-Setup.action
That value is not expected to be a relative path and is probably resulting in the error. If that path is relative to the project file location, it's possible that checking 'Tools | Application Options | General | Set current directory to project folder after loading or saving projects' will resolve the problem.
Another option would be to specify an absolute path for the registry value. For instance, if the value is initialized via a COM Register action, you can prefix the .action file path with %PROJDIR%.
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