Parallels update deleted my installation

Hi I'm running Parallels 5 on my Mac and today and automatic update process ran downloading a new minor release (can't remember which version but it will be the latest point release as at Feb 19th)
Anyway, I was informed the mac needed to restart. Upon clicking restart I was told "an Error" had occurred - no details available.

I restarted my Mac and ever since then the Parallels app has disappeared from my Mac. The app shortcut on my dock shows a question mark indicating it can't find the app. Also when I search for Parallels nothing is found?

Any ideas on what I can do or do I need to reinstall the whole Parallels, Windows, Office and other apps I use under Parallels?
Steve