Windows – Out of Memory Errors on Windows 2008 Virtual Machine

I have a server which is configured as follows:

Physical Server (16GB RAM): Windows Server 2012 Standard Edition with Hyper-V Role installed

2 VMs running on this host server:
1 x Windows Server 2008 SP2 (64 bit) with the following RAM configuration:
Currently assigned: 8192 MB
Startup RAM: 4096 MB
Dynamic Memory: Min RAM: 512 MB, Max RAM: 8192 MB
Memory Buffer: 20%
Memory Weight: (in the middle of scale)

1 x Windows Server 2008 SP2 (32 bit) with the following RAM configuration:
Currently assigned: 1279 MB
Startup RAM: 4096 MB
Dynamic Memory: Min RAM: 512 MB, Max RAM: 1048576 MB
Memory Buffer: 20%
Memory Weight: (in the middle of scale)

The 2 VMs above were created by using the Disk2VHD physical-to-virtual converter tool.

I have also disabled the pagefile on the 1st VM above as I have read that it is managed by the 2012 Hyper-V host (I haven't disabled the pagefile on the 2nd VM yet).

The problem I am having is that I am seeing a lot of out of memory errors on the 1st machine. The server may become unresponsive and I will have to reboot it or I may see errors in the event log such as:

===============================================================================
COM+ has determined that your machine is running very low on available memory. In order to ensure proper system behavior, the activation of the component has been refused. If this problem continues, either install more memory or increase the size of your paging file. Memory statistics are:

dwMemoryLoad = 49

ullTotalPhys = 0x1ffea4000

ullAvailPhys = 0x103e81000

ullTotalPageFile = 0x1f802e000

ullAvailPageFile = 0x009f0f000

ullTotalVirtual = 0x7fffffe0000

ullAvailVirtual = 0x7fffac60000

Process Name: w3wp.exe
Comsvcs.dll file version: ENU 2001.12.6932.18005 shp

===============================================================================

Looking at Task Manager on the 1st VM it always seems like there is plenty of physical RAM available and the above error in the Event Log backs this up. Currently its only using 3.36GB of the 8GB allocated.

Has anyone come across this kind of out of memory issue before when running Windows 2008 VMs on Windows Server 2012 Hyper-V Host?

Perhaps I should re-enable the pagefile on the VM itself?

Thanks guys.