I have exactly the same issue when the Panel Builder program was installed on a Windows 8.1 client. I have got to the botom of the issue and emailsed the developer with my findings, the only way around this is to ensure, the NIC you are using is at the Top of the NIC bindings under the advanced menu (this still wont fix it on Windows 8.1) and then disable all Network interfaces you are not using.
after disabling the interfaces, reboot and then you should be able to connect. this situation is far from ideal and needs fixed ASAP IMHO
without this it will not connect, and it does only affect Windows 8.1 machines, I have forwarded details to the developer which also highlight the same and potentially how to change the Multicast group joining method