What bit-version of TestComplete are you running? 64-bit or 32-bit? (Help | About).
By default, the TestComplete shortcuts created upon install, starting with version 12.40, run the 64-bit version. Since you're trying to load a 32-bit module, if you're running the 64-bit version, this won't work.
You can access the 32-bit version by running the TestComplete.exe in C:\Program Files (x86)\SmartBear\TestComplete 12\Bin\. What you have in the way of automation shouldn't need to be adjusted assuming you don't have any code that is dependant upon 64-bit.
