Is there a fix to the issue whereby installing Spybot causes problems with Windows File Manager.

When Spybot is installed it prevents the use of the right mouse button within File manager.
For example, if you wanted to create a directory or List the free space within a drive or zip up a directory using Winzip.

I am using Windows 7 SP1 that is fully patched.
Spybot is the current version. i.e. I have just purchased it, downloaded and updated it.

I have the following software installed that also makes use of the right mouse click within File Manager:

Agent Ransack

This problem does not affect the free version of Spybot v1.6 but does affect the newer, paid version v2.4.

And yes it is Spybot that is causing the issue. I thought it was a virus at first but my machine is clean after running several virus and rootkit checkers.
These were: Avast, Zone Alarm, Comodo, RogueKiller and SpyBot.