On April 4/4/2014 we released BackupChain v2.4.531 which contains bug fixes and major improvements for Windows Server 2012 R2 and Windows 8.1 Hyper-V backups.
The download is available at: http://backupchain.com/downloads.html
If you have installed v2.4.527 you can install in-place by simply running BackupChainSetup.exe.
If you have an older version based on Windows Installer (MSI) you'll need to uninstall manually using the Windows Control Panel.
Either way your settings and your licenses will remain as they are and there is no need to re-activate the software.