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Knowledge base article 157Error: a valid license cannot be found
This applies to version 5.0 only.
The license file has been moved/renamed/deleted or otherwise rendered unreadable.
The license file is called aboffice.lic and is located in a machine shareable location:
Vista and later: c:\ProgramData\Ability5
XP: c:\Documents and Settings\All Users\Application Data\Ability5
Ability will display the error message a valid license cannot be found if it cannot open this file in read/write mode (so a change of permissions may also cause this problem).