I made a couple of changes to my working application and started getting the following error at this line of code.
Dim Deserializer As New Serialization.XmlS
According to information I found, BindingFailure exception associated with XmlSerializers sometimes does not indicate any error and should be just ignored, but you can sometimes see it i. e. in debug mode, when you have set VS options to show all thrown exceptions.
Source: https://connect.microsoft.com/VisualStudio/feedback/ViewFeedback.aspx?FeedbackID=88566&wa=wsignin1.0
Btw. this is more or less one of the things mentioned in the first answer :).