Application fails (Invalid operation) while reverse engineering or updating the database from model. (4273215)

Toad Data Modeler fails while reverse engineering or updating a database from a model if package with defaults is in the Packages folder. Error in the windows log:

Faulting application name: TDM.exe, version: 5.5.3.20, time stamp: 0x2a425e19 Faulting module name: KERNELBASE.dll, version: 10.0.10240.16384, time stamp: 0x559f3b2a
Exception code: 0xc0000005 
Fault offset: 0x000a5005 Faulting process id: 0x15e8 

Faulting application start time: 0x01d1bb0c8668348f
Faulting application path: C:\Program Files (x86)\Dell\Toad Data Modeler 5.5\Bin\TDM.exe
Faulting module path: C:\Windows\SYSTEM32\KERNELBASE.dll Report Id: 83ff0e6b-6347-4f5c-88e3-c03abf01a9f5
Faulting package full name:
Faulting package-relative application ID: