Windows Small Business Server Backup failed (Event ID: 5634) Alert onSERVER

The scheduled Backup of Small Business Server has started failing with the below error in my case:

The server:
Dual Athlon +2400 - Tyan MB, RAID1 2x250GB HDD, 3GB Ram
OS: Windows SBS 2003 R2

I never had any issues with the scheduled Backup process before. Has anyone else faced this error or has any idea about it???

Something might have got messed up in your scheduled task. In that case i will suggest you to delete the delete the scheduled task and run backup configuration again. If you want then you can also run backup configuration, turn off backup and delete the scheduled task after that.
In case you are not able to run the backup configuration wizard and if you get any error then you can make a note of the same and post it in your next reply so that i can have better idea of your issue.

Can you just go through your event log and post the suspicious error you see there??? If yes then post it for further help.

This is what i see in the log.

Backup Runner started.
Launching NTBackup: ntbackup.exe backup "@C:\Program Files\Microsoft
Windows Small Business Server\Backup\Small Business Backup
Script.bks" /d "SBS Backup created on 04-02-2008 at 00:30" /v:yes /
r:no /rs:no /hc:off /m normal /j "Small Business Server Backup Job" /
l:s /f "D:\Backups\Backup Files\Small Business Server Backup
(04).bkf" /UM
NTBACKUP LOG FILE: C:\Documents and Settings\SBS Backup User\Local
Settings\Application Data\Microsoft\Windows NT\NTBackup\data
\backup09.log
=====================<BEGIN NTBACKUP LOG FILE>=====================
Backup Status
Operation: Backup
Active backup destination: File
Media name: "Small Business Server Backup (04).bkf created 04-02-2008
at 00:31"

Volume shadow copy creation: Attempt 1.

Error returned while creating the volume shadow copy:0x80042316.

Error returned while creating the volume shadow copy:80042316
Aborting Backup.

----------------------

The operation did not successfully complete.

----------------------

=======================<END NTBACKUP LOG FILE>=====================
NTBackup finished the backup with errors.

For more information about failed backups, see the article on
troubleshooting your backup at the following Web page:
http://go.microsoft.com/fwlink/?LinkId=18414

I am not sure about your case but i was getting the same error some months ago, I had tried a number of troubleshooting tricks but the only thing that had helped was reinstalling COM+ and reregistering the VSS dll's.
If you don't mind, then ill suggest you to give that a try, best of luck.