Hrm. I don't think that's got anything to do with the update. It looks like CL can't create the cl_values.db database - which is the database which contains all the values for stars and planets.
Have a look in %LOCALAPPDATA%\CaptainsLog - that's where CL creates its database and configuration files - did you run CL as Administrator before and are now running it as a normal user?
Try removing the file cl_values.db if it exists. Also try reconfiguring CL by removing the file called captainslog.cfg
Regards
Thanks for your quick response, I'll detail the scenario as best I can:
When I chose the Captains Log folder for the database it creates I had this inside the "\AppData\Local\Frontier_Developments\Products\FORC-FDEV-D-1002" folder. What I think happened during the 1.401 update is that it deleted the CaptainsLog folder (for whatever reason) and then the program would not start, usually when games update they don't delete anything inside their core folder (I do similar folders with other games just fine) but FD obviously do.
I removed the cfg file and started again but this time using the default CaptainsLog folder for the database it creates, thankfully I've got a back up and just used EDDisovery in the meantime so no systems have actually been lost, all working correctly now.
Lesson learnt though, thanks again