I have finally found the solution for "Bluetooth cannot start, Hardware not found" error in laptops and other devices with mobility, especially after installing Bluesoleil versions greater than 5.X.
All you have to do is go to Device Manager (Control Panel -> Device Manager ..or.. Right click on My computer -> Properties -> Device Manager on the top left).
Click on Bluetooth Radio and go to the properties of the first entry, typically a wireless bluetooth module. In the properties dialogue box, select the tab of Power Management and uncheck the box for "Turn off device to save power".
Restart your computer and its done!