You were on the money! Excerpts from event log:
Faulting application name: AxCrypt.exe, version: 2.1.1474.0, time stamp: 0x57e7d2eb
Faulting module path: C:\Windows\system32\LavasoftTcpService64.dll
I had LavaSoft’s Web Companion installed but it always crashed on boot-up (I unwisely ignored this). I just uninstalled it and now AxCrypt seems to work. Thanks.
BTW: I still don’t get AxCrypt on my context menu in PowerDesk. Where do I look for a solution for this?