Are there any VSS Errors registered around the same time in eventvwr. The error 80042308 means VSS_E_OBJECT_NOT_FOUND. Try the following
Check the following registry
HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID{FAF53CC4-BD73-4E36-83F1-2B23F46E513E}\Inp
rocServer32
What is the key showing eventcls.dll or es.dll?
unregister and reregister the components by running the following from command prompt
regsvr32 /u eventcls.dll
regsvr32 /i eventcls.dll
regsvr32 /u es.dll
regsvr32 es.dll
Now retry your backup. Hope this helps.