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BizTalk stores info about the last deployments in:
C:\Documents and Settings\[user name]\Application Data\Microsoft\BizTalk Server\Deployment\BindingFiles
Windows 7
C:\Users\[user name]\AppData\Roaming\Microsoft\BizTalk Server\Deployment\BindingFiles
When you do a redeployment, BizTalk uses this information. If this information is with errors, we get this error "Failed to update binding information".
Solution is to remove the info binding file.