I had to add override the default serializer to resolve this in the end.

public sealed class LargeJsonValueProviderFactory : ValueProviderFactory
{
    private static void AddToBackingStore(LargeJsonValueProviderFactory.EntryLimitedDictionary backingStore, string prefix, object value)
    {
        IDictionary<string, object> dictionary = value as IDictionary<string, object>;
        if (dictionary != null)
        {
            foreach (KeyValuePair<string, object> keyValuePair in (IEnumerable<KeyValuePair<string, object>>)dictionary)
                LargeJsonValueProviderFactory.AddToBackingStore(backingStore, LargeJsonValueProviderFactory.MakePropertyKey(prefix, keyValuePair.Key), keyValuePair.Value);
        }
        else
        {
            IList list = value as IList;
            if (list != null)
            {
                for (int index = 0; index < list.Count; ++index)
                    LargeJsonValueProviderFactory.AddToBackingStore(backingStore, LargeJsonValueProviderFactory.MakeArrayKey(prefix, index), list[index]);
            }
            else
                backingStore.Add(prefix, value);
        }
    }

    private static object GetDeserializedObject(ControllerContext controllerContext)
    {
        if (!controllerContext.HttpContext.Request.ContentType.StartsWith("application/json", StringComparison.OrdinalIgnoreCase))
            return (object)null;
        string end = new StreamReader(controllerContext.HttpContext.Request.InputStream).ReadToEnd();
        if (string.IsNullOrEmpty(end))
            return (object)null;

        var serializer = new JavaScriptSerializer { MaxJsonLength = Int32.MaxValue };

        return serializer.DeserializeObject(end);
    }

    /// <summary>Returns a JSON value-provider object for the specified controller context.</summary>
    /// <returns>A JSON value-provider object for the specified controller context.</returns>
    /// <param name="controllerContext">The controller context.</param>
    public override IValueProvider GetValueProvider(ControllerContext controllerContext)
    {
        if (controllerContext == null)
            throw new ArgumentNullException("controllerContext");
        object deserializedObject = LargeJsonValueProviderFactory.GetDeserializedObject(controllerContext);
        if (deserializedObject == null)
            return (IValueProvider)null;
        Dictionary<string, object> dictionary = new Dictionary<string, object>((IEqualityComparer<string>)StringComparer.OrdinalIgnoreCase);
        LargeJsonValueProviderFactory.AddToBackingStore(new LargeJsonValueProviderFactory.EntryLimitedDictionary((IDictionary<string, object>)dictionary), string.Empty, deserializedObject);
        return (IValueProvider)new DictionaryValueProvider<object>((IDictionary<string, object>)dictionary, CultureInfo.CurrentCulture);
    }

    private static string MakeArrayKey(string prefix, int index)
    {
        return prefix + "[" + index.ToString((IFormatProvider)CultureInfo.InvariantCulture) + "]";
    }

    private static string MakePropertyKey(string prefix, string propertyName)
    {
        if (!string.IsNullOrEmpty(prefix))
            return prefix + "." + propertyName;
        return propertyName;
    }

    private class EntryLimitedDictionary
    {
        private static int _maximumDepth = LargeJsonValueProviderFactory.EntryLimitedDictionary.GetMaximumDepth();
        private readonly IDictionary<string, object> _innerDictionary;
        private int _itemCount;

        public EntryLimitedDictionary(IDictionary<string, object> innerDictionary)
        {
            this._innerDictionary = innerDictionary;
        }

        public void Add(string key, object value)
        {
            if (++this._itemCount > LargeJsonValueProviderFactory.EntryLimitedDictionary._maximumDepth)
                throw new InvalidOperationException("JsonValueProviderFactory_RequestTooLarge");
            this._innerDictionary.Add(key, value);
        }

        private static int GetMaximumDepth()
        {
            NameValueCollection appSettings = ConfigurationManager.AppSettings;
            if (appSettings != null)
            {
                string[] values = appSettings.GetValues("aspnet:MaxJsonDeserializerMembers");
                int result;
                if (values != null && values.Length > 0 && int.TryParse(values[0], out result))
                    return result;
            }
            return 1000;
        }
    }
}

public class StartupComponent : IComponent
{
    public void Initialize()
    {
        AreaRegistration.RegisterAllAreas();
        FilterConfig.RegisterGlobalFilters(GlobalFilters.Filters);
        RouteConfig.RegisterRoutes(RouteTable.Routes);
        BundleConfig.RegisterBundles(BundleTable.Bundles);

        //Add LargeJsonValueProviderFactory
        ValueProviderFactory jsonFactory = null;
        foreach (var factory in ValueProviderFactories.Factories)
        {
            if (factory.GetType().FullName == "System.Web.Mvc.JsonValueProviderFactory")
            {
                jsonFactory = factory;
                break;
            }
        }

        if (jsonFactory != null)
        {
            ValueProviderFactories.Factories.Remove(jsonFactory);
        }

        var largeJsonValueProviderFactory = new LargeJsonValueProviderFactory();
        ValueProviderFactories.Factories.Add(largeJsonValueProviderFactory);
    }       

    public void Terminate()
    {
    }