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Hmm maybe i put the DLL you provided into the wrong place?

Yes, after the fresh install everything is working fine on my machine and problem is solved.

If not for the logs, since all is fine now, here are the changes i made to the system from the point where everything worked fine till subtitles went kaput:

1. Updated Win10 to v2004

2. Installed latest version of K-Lite

I know it's not much to begin with but maybe if someone else will have similar issue, it might lead somewhere..

Thank you kindly for your time!