Symptoms

K2 server was restored using system restore functionality because of accidental installation of incompatible .NET 4.6 version. After restore you run K2 Setup Manager reconfiguration to correct/verify K2 settings and see a warning raised about MSMQ prerequisite.
 

Diagnoses

Most likely there is an issue with MSMQ Logging and Checkpoints. To provide transaction consistency, Message Queuing logs transaction status changes and incoming messages to a log file (QMLog), and then creates a checkpoint that is written to a separate file. The checkpoint file contains version information, and the QMLog is updated to refer to that version of the checkpoint file as being the current checkpoint.
If there is a failure between the time that the checkpoint file was created and when the QMLog was updated with the new version, the QMLog file refers to the earliest checkpoint file version and recovery fails.
To further verify this try to start Message Queuing service manually. You may see that it fails with the following error:

The Message Queuing service terminated with service-specific error %%-1072823311.

To further isolate the cause of the issue check Event Logs for MSMQ and there you may see the following event logged:

Event ID 2078 — Message Queuing Logging and Checkpoint Events

This issue and its resolution is documented by Microsoft: https://technet.microsoft.com/en-us/library/cc773632.aspx

 

Resolution

Refer to aforementioned Microsoft documentation for detailed steps on how to resolve Event ID 2078 error.