Unable to update SharePoint 2010 CU or SP (Microsoft.SharePoint.Administration.SPIisWebSite)

ISSUE

When attempting to apply and update to sharepoint the upgrade fails and the upgrade log returns the following error:

[OWSTIMER] [SPUpgradeSession] [DEBUG] [4/27/2012 1:21:16 PM]: CanUpgrade [Microsoft.SharePoint.Administration.SPIisWebSite] returned: True.
[OWSTIMER] [SPUpgradeSession] [DEBUG] [4/27/2012 1:21:17 PM]: NeedsUpgrade [Microsoft.SharePoint.Administration.SPIisWebSite] returned: False.
[OWSTIMER] [SPUpgradeSession] [DEBUG] [4/27/2012 1:21:17 PM]: Disposing Microsoft.SharePoint.Administration.SPIisWebSite.
[OWSTIMER] [SPUpgradeSession] [ERROR] [4/27/2012 1:21:17 PM]: CanUpgrade [Microsoft.SharePoint.Administration.SPIisWebSite] failed.
[OWSTIMER] [SPUpgradeSession] [ERROR] [4/27/2012 1:21:17 PM]: Exception: The system cannot find the path specified.

[OWSTIMER] [SPUpgradeSession] [ERROR] [4/27/2012 1:21:17 PM]:    at System.DirectoryServices.DirectoryEntry.Bind(Boolean throwIfFail)
   at System.DirectoryServices.DirectoryEntry.Bind()
   at System.DirectoryServices.DirectoryEntry.get_AdsObject()
   at System.DirectoryServices.PropertyValueCollection.PopulateList()
   at System.DirectoryServices.PropertyValueCollection..ctor(DirectoryEntry entry, String propertyName)
   at System.DirectoryServices.PropertyCollection.get_Item(String propertyName)
   at Microsoft.SharePoint.Administration.SPIisVirtualDirectory.get_Path()
   at Microsoft.SharePoint.Administration.SPProvisioningAssistant.GetBuildVersionOnIisWebSite(Int32 iisInstanceId)
   at Microsoft.SharePoint.Upgrade.SPSequence.get_CanUpgrade()
   at Microsoft.SharePoint.Upgrade.SPUpgradeSession.CanUpgrade(Object o)
[OWSTIMER] [SPUpgradeSession] [DEBUG] [4/27/2012 1:21:17 PM]: Cannot upgrade [Microsoft.SharePoint.Administration.SPIisWebSite].
[OWSTIMER] [SPUpgradeSession] [DEBUG] [4/27/2012 1:21:17 PM]: Skip [Microsoft.SharePoint.Administration.SPIisWebSite] NeedsUpgrade.

RESOLUTION

This is normally caused as the mentioned web application has references to IIS sites which do not exist, remove these and then run the technologies wizard again.

Open Central Administration
Manage Web Application
Select Web Application
Drop down the delete button
Remove SharePoint from IIS Web Site
Remove the missing Web Applications
Click Ok
Re-run the Technologies and Configuration Wizard

MORE INFORMATION

More information avalible here: http://blogs.architectingconnectedsystems.com/blogs/cjg/archive/2012/01/09/CanUpgrade-_5B00_Microsoft.SharePoint.Administration.SPIisWebSite_5D00_-failed_2E00_.aspx