[root@vps1 cache]# vzctl create 101 --ostemplate centos-4-i386-default
/usr/share/vzpkg/functions: line 233: /etc/sysconfig/vz: No such file or directory
Warning: Variable TEMPLATE not found in /etc/sysconfig/vz; using default (/vz/template).
You have a lot of strange errors (I read other your posts). It seems that OpenVZ is not properly installed on your node. So, how did you install it? What distribution do you use?
OK, if some files were removed, the most consistent way is to reinstall OpenVZ packages.
Seems that you need to reinstall only "vzctl" and "vzctl-lib" packages. Try to do it.