Today I was building a new PVS image which gave a blue screen every time I booted it from an empty vDisk in Private Image mode.
I wanted to capture a new build. When I disabled the device in PVS it booted just fine from the local hard disk. The blue screen reported an error on the CVhdMp.sys .

Now I know there are a lot of reasons why PVS can blue screen, and you should definitely inspect them if this doesn’t solve your issue. In our case it was just plain and simple annoying Symantec Endpoint Protection (SEP) which needed to be de-installed. After deinstallation I could boot just fine, build my image and installed SEP again in a new version.

Good luck imaging!