I had this same problem, and after trying many things I managed to solve it.
What did I do:
1º Uninstalled version 1.5.8 and deleted the MTA folder from C:\Program Files (x86).
2º I downloaded version 1.5.6 and at installation time in the "Choose Components" part I scrolled down and checked Development (Module SDK).
3º When asked to choose the folder where it would be installed, I created a folder on the desktop named "MTA" and installed it there.
4º And I put it to enter the server, obviously, asked to update, so I clicked to update.
5º After I updated the MTA started and automatically entered the server I had trying to enter version 1.5.6 and entered without problems.
I think what really made it resolve was the 2nd step.
Just an addendum, the first time I had tried to enter the server starting the MTA as an administrator then there was another permission error, so I recommend that you do not start as an administrator.
Text translated from Portuguese, sorry if there are errors. ?