Perhaps WinAlign doesn't realise where to look for the softkey.
Go to Help > About Trados WinAlign - then you get a screen with a button down to the right saying 'License Manager'.
See if your softkey license is listed here, and if not, you should add it, obviously.
In this picture there is also a button saying 'Test License'.
This button is used to check if WinAlign recognises the license.
Hope it helps ;o)
You're a star! Thank you so much!!!