Fails to find software channels. Says path is out of date.

[Alan]

Can't update to latest release as path to channels not being found...

ProblemType: Bug
DistroRelease: Ubuntu 12.04
Package: update-manager 1:0.156.14.17
ProcVersionSignature: Ubuntu 3.2.0-70.105-generic-pae 3.2.63
Uname: Linux 3.2.0-70-generic-pae i686
ApportVersion: 2.0.1-0ubuntu17.8
Architecture: i386
Date: Tue Nov 11 17:40:43 2014
GsettingsChanges:
 com.ubuntu.update-manager first-run false
 com.ubuntu.update-manager launch-time 1415698470
 com.ubuntu.update-manager window-height 524
 com.ubuntu.update-manager window-width 600
InstallationMedia: Ubuntu 12.04.1 LTS "Precise Pangolin" - Release i386 (20120817.3)
MarkForUpload: True
PackageArchitecture: all
ProcEnviron:
 LANGUAGE=en_AU:en
 TERM=xterm
 PATH=(custom, no user)
 LANG=en_AU.UTF-8
 SHELL=/bin/bash
SourcePackage: update-manager
Symptom: ubuntu-release-upgrader-core
UpgradeStatus: Upgraded to precise on 2014-11-11 (0 days ago)
VarLogDistupgradeTermlog: