Has your company perhaps recently made changes to their networking systems that may have moved your user profile from being on a local My Documents folder over to a Roaming User Profile? If so, this will cause issues with Captivate because Cp needs to have that Layouts folder always situated in the same place on your hard drive.
So what do you now see when you look at the Preferences > General > Default Locations fields? Are they pointing to a folder somewhere on your C drive or to something else?