In our case, the database became corrupt. Using CA's technical document TEC426805 the problem is solved.
From CA Knowledge Base: "
For Windows 2000/XP/2003 :
Right-click on the My Computer Icon and choose Properties.
Go to the Advanced Tab --> Environment Variables. Look for the RNNAME variable and make sure that it reflects the current servername.
For Windows NT 4 :
Right-click on the My Computer Icon and check the RNNAME variable in the Environment Variables. Make sure that the RNNAME variable reflects the current servername.
If the RNNAME variable is wrong, then simply deleting the variable and rebooting the server will recreate the RNNAME with the proper name of the server.
For all Windows OS :
Ensure that the System Account (The account listed in the Server Admin) has full control rights over the BrightStor Home directory.
You may be getting this error if there is a problem with the BrightStor database, in which case you can choose to check/fix it or initialize it. Additional FAQs and Techdocs deal with checking and fixing database corruption, and/or intializing the BrightStor Database".