Could be a file in use error - FileIOFault to me sounds like a file is in use and is locked.
Generally when doing a P2V you should try to stop any services that would normally be doing work on a day to day basis.
Take a look through services.msc, identify any non-critical to Windows services, stop them, mark them as disabled, reboot, and then try the P2V process again. Don't forget to re-enable and start your services again once the P2V is complete! You could also try removing the shares temporarily if you suspect them to be causing the issue. (Take a look at open file sessions in your compmgmt.msc MMC to see if any files are being access remotely too).
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