I've been developing a spreadsheet that basically gets used as a template,
and up until recently everything was working fine.

However one of my colleagues has recently installed IE7 and since then has
the following error whenever they open the spreadsheet: 'System Error
&H80004002 (-2147467262)'. I've been told that installing IE7 is the only
thing they've done other than their normal work of amending spreadsheets
derived from this template. Copying across the original from the network
drive has also yielded the same results. The VB project in the spreadsheet
contains the following references:

Visual Basic For Applications
Microsoft Excel 11.0 Object Library
OLE Automation
Microsoft Office 11.0 Object Library
Microsoft Forms 2.0 Object Library
Microsoft Scripting Runtime

Does anybody know what is causing this and perhaps even knows how to fix it?
Does IE7 have any impact on the items listed above?