I have similar problem, see https://forum.team-mediaportal.com/threads/no-splitter-and-codecs-found-i-get-no-url.130691/^ that i have already installed twice and manually registered and still have error.
If this is with the latest version provided by MPEI, maybe you AV software blocks access to the .ax file? (see my posts a page back, 8 of WirusTotals scanner engines mark this version as being infected. I have seen no strange behaviour on my network since then, but it really is a bit odd...)
Using AVG. Didn't have any virus scanner alerts.