No migration directory found for company &1, user &2

What causes this issue?

A directory could not be determined. The system checked the definition
of company &V1& and the parameters of user &V2&.

System Response

How to fix this error?

Enter the name of a directory for either the company or the migration
user. Ensure that the directory contains the migration data.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.