Access denied. You do not have enough rights... after MacBook Pro hard drive upgrade

Hi

I recently upgraded the hard drive on my MBP by installing the OS on the new drive then using the Mac OS transfer wizard to move all my files, setting and apps to the new drive. Then I swapped the old for the new one.

Now when I start Parallels Desktop and click to start Windows 7 I get this message: "Access denied. You do not have enough rights to use this virtual machine."

Some relevant info: I'm using a Unibody MacBook Pro running Snow Leopard with all the latest updates. I have the latest version of Parallels Desktop (5) and am running Windows 7 on it.

Hope someone can help me sort this out.

Thanks
Saif