Hey @gokullpk! Welcome to the forums!
It looks like error code 7, not error code 8. Is that right?
Error code 7 is usually access restricted.
Try running it as Administrator! 
Give that a shot and let us know what you find out!
I’m thinking it’s related to this error more than anything, which is usually related to a bad conversion from another filetype/recorder. Check this tutorial with its checklist to ensure none of these things are the issue!
same error only. I reinstalled the unreal but same error again and again. when I change the working directory its stuck at 74.9 when I keep default directory on C: disk documents its stuck at 50%.and in log its showing failed to create base directory. Is in documents there is any capture manager folder there in your system??
So I just this same exact problem. It was working fine a couple days ago, and today it got stuck at 75%.
Closing Live Link, opening it back up and then only selecting a single take to add to que and hit “start” worked for me.