Default [FIX][ROOT REQUIRED] Insufficient storage error on app update/install in play store

For those getting an insufficient storage error in the Google play store or when side loading, which only affects specific apps (not all apps, which has been discussed elsewhere) the following may work for you.

The error is caused by application data folders, which you will have to delete and then reinstall the app. Steps to fix are below:

1) Uninstall the app in the app manager

2) Using your favorite file explorer with root access navigate to /Data/app-lib/

3) Find the folder, which corresponds to the package you have having issues with (for instance com.adobe.reader-1 for adobe reader) and delete it

4) Reinstall from the android market

5) OPTIONAL - restore backup of your data from titanium backup.

Hopefully this will prevent you needing to reflash the ROM and format storage, which i was about to do before rooting around in the app-lib folder and noticing the folders for uninstalled apps that I could not re-install were still there.
Current Devices
LG Google Nexus 4
ROM: Stock 4.4.4 || Kernel: Stock
Xposed modules installed: GravityBox, AppOps Xposed, Heads Up Notifications, XgelSettings, Hodor (sometimes)
Other mods: Viper for Android, Busybox

2013 Nexus 7
ROM: AndroidL - Stock rooted
Mods: Busybox

Previous Devices
orange SPV M700 -> Sony Ericsson Xperia X1 -> HTC desire -> HTC desire S -> Samsung Galaxy S3

< Please hit THANKS if I have helped ||