URGENT!! Problem with COM+ and MS DTC Transaction Manager.

We have a web application that uses COM+. Recently we have been having
issues as it seems to not be working properly as I can't even open the COM+
under Component Services. On checking the event log, I see recurrent errors
in both the Application log and the System log. Please could someone please
help to resolve this as our Web application is down due to this. PLEASE. The
summary log follows:
Application log:
Event Type: Error Event Source: MSDTC Event Category: SVC Event ID: 4112
Could not start the MS DTC Transaction Manager.

Event Type: Error Event Source: MSDTC Event Category: TM Event ID: 4185
MS DTC Transaction Manager start failed. LogInit returned error 0x5.

Event Type: Error Event Source: MSDTC Event Category: LOG Event ID: 4163
MS DTC log file not found. After ensuring that all Resource Managers
coordinated by MS DTC have no indoubt transactions, please run msdtc
-resetlog to create the log file.

Event Type: Error Event Source: COM+ Event Category: (98) Event ID: 4691
The run-time environment was unable to initialize for transactions required
to support transactional components. Make sure that MS-DTC is running.
(DtcGetTransactionManagerEx(): hr = 0x8004d01b)

System log:
Event Type: Error Event Source: Service Control Manager Event Category: None
Event ID: 7024
The Distributed Transaction Coordinator service terminated with
service-specific error 3221229584 (0xC0001010).

I have tried running the msdtc - resetlog to no avail as the erros still
keep getting logged.

rename the %systemroot%\system32\dtclog folder to dtclog.old
(IF it exist)
create a new dtclog folder (%systemroot%\system32\dtclog)
at command prompt: msdtc -resetlog

Thank you so much amadding. I was stuck on a client's laptop where the ntbackup wasn't working. This fixed it !