I agree ... have been playing as a Vlandian vassal and i'm at day 780ish then i receive the quest failed notification. Since you need the quest to start a kingdom I am SOL. The timer definitely needs to be remove or drastically extended. The worst part about it is the fact that it tells you 10 years without context or displaying a deadline in the quest log. I have read other threads that say the same thing and it even seems to vary on what day they receive this notification. I've seen some that get it at day 600ish and some at 1000+.
p.s. I hope they fix the female characters in the game so they don't look like they've had a stroke.