Basically they would have to bypass the pass code.
If they attempt it 10 times incorrectly then this will wipe the phone.
What most people will do is plug it into iTunes and restore it, this may over ride the passcode and also delete all your personal info on it as it would not be able to restore from your back up, but as a new iPhone.
the phone will be blocked from Irish networks, but may still be sold to the UK or worldwide if it was factory unlocked.
its beyond me why the networks dont leave the phone on for a few weeks and track down who is using it through IMEI registration onto their network and hence the phone number associated with that account.