Try looking in your Event Viewer for the application to see what it tells you about that.
Same error.
At first i had a dll error (in fact i had all the needed dll, but the game does not find it), after few update of various modules i have now this error too
sorry, not native english speaker…event viewer, you mean task manager?
Right click Windows Icon then open search and type in Event Viewer.
right click ? o.O
OMG.
Your laptop has a mouse or touch pad both of them have a Laft Click and a Right click option.
I’m on a PC. and search from th icon is available after left click, not right click 
Well, found the event viewer, named, of course, diffrently on my german version of Win 7. still an english name, but a diffrent one…pretty retarded, if you ask me…
i’ve just done it i get this :
http://www.download.windowsupdate.com/msdownload/update/v3/static/trustedr/en/authrootstl.cab
Un certificat requis n’est pas dans sa période de validité selon la vérification par rapport à l’horloge système en cours ou le tampon daté dans le fichier signé.
it is in the description of the error i get on last attempt to launch it
i am going to investigate about this outdated certificate…
In English:
A required certificate is not in its validity period depending on the verification against the current system clock or the data buffer in the signed file.
Sounds like driver issues to me.
Gotta admit, no clue how to use that event viewer thing… it’s open, but doesnt seem to do anything, when i try running KCD
It logs faults and issues with windows programs and any other program using drivers and outputs some basic info so you can see what is going wrong.
I suspected as much, but do I have to somehow sic it to a certain program to watch what’s going on?
no it records everything.
Then I suck at seeing, where it logs/shows them
after a launch atempt of the game directly from the steamapp folders look to your event viewer in the application section.
Windows Logs > Applications
I just updated manually the windows certificates with two files found on microsoft website, but it does not lauch…
I am going update my nvidia drivers, and i will reboot after .
Good luck.
doesn’t show anything in event viewer… 
I updated my graphics drivers etc. when i first encountered the problem…no help. Wishing you luck, though