Reminders not popping up in Outlook 2007

Summary

After performing Windows updates and installing Microsoft KB number 2583910 for Outlook 2007 a warning appears stating:
There was a problem reading one or more of your reminders. Some reminders may not appear.

Details

This is similar to the problem encountered when Microsoft Office 2010 SP1 was released.
In order to resolve this, please uninstall Microsoft update KB2583910
Once that is uninstalled, please start outlook.exe with the option /cleanreminders turned on.